Decision Resources: Type 2 diabetes market in China to nearly double by 2014
BURLINGTON, Mass. — A growing drug-treated population will cause the Type 2 diabetes drug market in China to increase to $2.5 billion by 2014, according to a new report by Decision Resources.
The Type 2 diabetes market in China totaled $1.4 billion in 2009, Decision Resources said.
"China now has the largest Type 2 diabetes patient population in the world, and is the third-largest market for Type 2 diabetes agents behind the United States and Japan," said Decision Resources analyst Jing Wu. "The Type 2 diabetes market in China will continue to grow between 2009 and 2014 at an annual rate of 13%, which is faster than expected growth in the United States or Japan."
Decision Resources also noted that while metformin continues to be the most widely prescribed agent in China because of its low cost, newly launched DPP-IV inhibitors, such as Merck’s Januvia, Novartis’s Galvus and Bristol-Myers Squibb/AstraZeneca’s Onglyza, as well as GLP-1 analogues, including Novo Nordisk’s Victoza and Eli Lilly/Amylin/Alkerme’s Bydureon, will be used more frequently.
CVS Caremark receives PBM, DTM accreditation from URAC
WOONSOCKET, R.I. — CVS Caremark announced on Thursday that it has been awarded pharmacy benefit management and drug therapy management accreditation from URAC, a healthcare accrediting organization that establishes quality standards for the healthcare industry. CVS Caremark previously had received accreditation for PBM and DTM from URAC in 2007.
"CVS Caremark is pleased to receive these accreditations," stated Per Lofberg, head of CVS Caremark’s PBM business. "This provides further validation of the company’s ongoing focus and commitment to patient care, outstanding customer service and overall quality."
URAC offers the only third-party, voluntary accreditation program of this scope for the PBM and prescription services industry. All standards were developed by URAC’s Pharmacy Advisory Committee, which includes stakeholders, employers, consumers, pharmacy consultants, health plans, retail pharmacy, PBM organizations, pharmacy professional organizations, labor and large public purchasing groups.
"By applying for and receiving URAC accreditation, CVS Caremark has demonstrated a commitment to quality health care," added Alan Spielman, URAC president and CEO. "Quality health care is crucial to our nation’s welfare, and it is important to have organizations that are willing to measure themselves against national standards and undergo rigorous evaluation by an independent accrediting body."
Rite Aid’s November, Q3 same-store sales drop
CAMP HILL, Pa. — Rite Aid on Thursday posted sales of $6.2 billion, down 2.3%, for its third quarter ended Nov. 27. Same-store sales for the period declined 1.3%, representing flat front-end sales and a pharmacy comparable sales decline of 1.9%.
For the five-week period ended Nov. 27, which includes Black Friday sales, front-end sales were up 1.3% while pharmacy same-store sales, which included an approximate 248 basis points negative impact from new generic introductions, declined 2.5%. Overall monthly comps fell 1.3%.
Over the course of the quarter, prescription revenue represented 68.3% of total drug store sales, and third-party prescription revenue was 96.2% of pharmacy sales.