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Legislative Benefits and Unmet Needs to Drive the Market for Orphan Drugs, According to a New Report by Global Industry Analysts, Inc.
Date:9/4/2013

San Jose, California (PRWEB) September 04, 2013

Follow us on LinkedIn – Global demand for orphan drugs exhibits potential for healthy growth with rise in investments and interest of major pharmaceutical companies in orphan drug development. Factors such as rapidly aging population, increased incidence of orphan diseases among children, rise in diagnosis of rare cancers such as renal cell carcinoma, acute myeloid leukemia and thyroid cancer among others, are driving demand for novel therapies in the orphan drug market. Other factors driving market growth include legislative benefits such as extended market exclusivity period, tax credits, research assistance and partial funding of clinical trials. In addition, the growing number of orphan diseases and the lack of appropriate therapies resulting in significant unmet medical needs is a major factor generating interest in orphan drug development. Moreover, blockbuster sales of leading premium orphan drugs offers growth opportunities for companies involved in orphan drug development.

Despite the enormous potential offered, orphan drug development continues to face challenges in clinical trials such as the need for validated endpoints, patient recruitment and the lack of understanding of the progress of specific orphan conditions. Clinical trials involving therapies for rare diseases are impeded by the absence of adequate number of patients to study the efficacy of the drug. In addition, orphan drug development also suffers from lack of validated endpoints for a study and the unavailability of considerable clinical data for designing a study. In addition, the Eurozone crisis in Europe and the fiscal deficit in the United States and the resulting austerity measures adopted by governments to reduce spending in various areas including healthcare, also presents a challenging
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