US orphan drug market outlook 2018: Report

In the largest market for orphan drugs, the USA, there was a shortage of adequate therapies for treating many rare diseases. These therapies were not developed as companies did not expect these drugs to be highly profitable.

Hence there was a lack of interest and thus investment on the part of pharma companies in the USA, according to a new report added to the offering of researchandmarkets. Therefore, the Food and Drug Administration introduced incentives for developing such drugs. This step taken by the FDA was successful in creating a thriving market for orphan drugs.

It was in the USA first that a special law exclusively for governing orphan drugs was framed in the form of the Orphan Drug Act of 1983. This led to an increase in the popularity of orphan drugs. The FDA also has been continuously increasing its efforts to support this market by providing significant financial and non-financial incentives to the pharmaceutical companies to attract them. This has been one of the major drivers of growth for the US orphan drugs market.