Global spending on prescription medicines is forecast to increase between 2% and 5% annually over the next five year and exceed $1.1 trillion overall by 2024, up from $955 billion last year, thanks to increased overall use of treatments and costlier specialty therapies, according to a new report.

Despite the big numbers, the growth in spending is actually expected to be slower than during the previous five-year period, when the compounded growth rate was 4.2%. The slower rate at which spending is forecast to grow reflects pricing pressures and the loss of patent or marketing exclusivity for brand-name drugs, according to projections by the IQVIA Institute for Human Data Science.

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