World Projected to Spend $157 Billion on COVID-19 Vaccines by 2025.
On Thursday, IQVIA Holdings Inc released a report detailing global spending on COVID-19 vaccines.
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According to the U.S. health data company, the world is projected to spend a total of $157 billion by 2025.
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IQVIA says that number will be driven by mass vaccination programs and booster shots.
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The first wave of COVID-19 vaccinations is expected to reach 70 percent of the globe’s population by the end of 2022.
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Booster shots are likely to be needed every two years after initial vaccination.
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IQVIA expects global COVID-19 vaccine spending to reach its highest in 2021 at a total of $54 billion.
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2025 will see spending at its lowest, $11 billion, due to increased vaccine volume and competition.
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Excluding COVID-19 vaccine costs, IQVIA forecasts overall medicine spending costs between 2020 and 2025 to be $68 billion lower than it would’ve been if not for the pandemic.
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This is due to pandemic-caused disruptions to doctor visits, procedures and medicine use.
