Top 10 blockbuster drugs that will become off-patent in 2024

Source: Financial Express

The discovery and development of innovative medicines play a crucial role in finding treatment and addressing disease burden. The cost of bringing a new drug to market is approximately $5 billion and can take nearly 15 years to get a drug introduced to the market.

When a pharmaceutical company develops a new drug to be used for a disease condition, it is sold under a brand name and comes under patent protection. Studies suggest patents contribute to roughly 80 percent of the overall revenue of pharmaceutical companies.

According to Allied Market Research report, the global patented drugs market size was valued at $814.4 billion in 2022 and is projected to reach $1,456.5 billion by 2032, exhibiting a CAGR of 6.0% from 2023 to 2032.

A 2018 report by the UK-based market intelligence firm EvaluatePharma revealed that as patents of key drugs are expected to expire between 2018 and 2024, it could potentially wipe off branded drug sales worth $251 billion of global pharma companies. In 2023, one of the major blockbuster drugs, Humira, lost its patent.

This year, major pharmaceutical companies are preparing for expiring patents and consequently, this will have a major effect on several of the world’s best-selling drugs.

Here are the top 10 blockbuster drugs that will become off-patent in 2024

1. Abilify Maintaina Kit: With a revenue of $15.5 Billion in 2022, Abilify Maintaina from Otsuka Pharmaceutical is a long-acting injectable antipsychotic gaining popularity for treating schizophrenia. The drug is supposed to get off-patent by October 2024. Abilify Maintaina has aripiprazole in an extended release injectable suspension, dosed monthly for maintenance treatment of schizophrenia in adults. After its launch in 2013, Abilify Maintaina became a key choice for patients and doctors managing schizophrenia. According to experts, Abilify Maintena is poised to continue dominating this growing antipsychotic market.
   
2. XARELTO: One of the top-selling drugs in the anticoagulant drug market, Xarelto, developed by Janssen Pharms is set to lose its patent in August 2024. Xarelto (rivaroxaban) is an oral direct factor Xa inhibitor that is used to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation. The drug is also prescribed for preventing deep vein thrombosis which may lead to pulmonary embolism following knee or hip replacement surgery.
   
3. FARXIGA: Anti-diabetic drugs continue to be a major market. AstraZeneca’s Farxiga is one of the top drugs in this class. Farxiga (dapagliflozin) is an oral SGLT2 inhibitor used for improving glycemic control in adults with type 2 diabetes, both as monotherapy and as an add-on treatment. Since its launch, Farxiga has become a blockbuster diabetes drug for AstraZeneca, generating annual sales of around $4.3 billion, though it does come with side effects like urinary tract infections.
   
4. Ozempic: Developed by Novo Nordisk, Ozempic (semaglutide) is an injectable GLP-1 analogue used for improving glycemic control in type 2 diabetes patients. Since its approval in 2017, Ozempic has rapidly become a blockbuster diabetes drug for Novo Nordisk, generating annual sales of around $3.6 billion. The blockbuster drug is set to lose its patent in May 2024.
   
5. LYNPARZA: With the growing burden of non-communicable diseases (NCDs), the market for cancer treatment continues to grow. One such drug is Lynparza from AstraZeneca, which generated impressive sales of around $2.7 billion in 2022. Lynparza (olaparib) is an oral PARP inhibitor used for treating certain types of advanced ovarian, breast, and prostate cancers caused by BRCA gene mutations. Since its initial approval in 2014, Lynparza has become an important therapy for patients with BRCA mutations. The drug is set to lose its patent in 2024.
   
6. SYMBICORT: Developed by AstraZeneca, Symbicort is a crucial player in the segment of respiratory diseases like asthma and COPD representing a significant market for pharmaceutical companies. Since its approval in 2006, Symbicort has become one of AstraZeneca’s most successful respiratory drugs. The drug is set to lose its patent in November 2024.
   
7. ENTRESTO: Developed by Novartis, generated impressive sales of around $2.5 billion in 2022. ENTRESTO is a major player in the heart failure segment since its approval in 2015. Entresto (sacubitril/valsartan) is an oral combination drug used for reducing the risk of cardiovascular death and hospitalization in patients with chronic heart failure. The drug will lose its patent in May 2024.
   
8. LATUDA: Latuda from Sunovion Pharmaceuticals is one of the crucial players in the antipsychotic segment. The drug is prescribed to treat schizophrenia and it has generated sales of around $1.8 billion in 2022. Since its approval in 2010, Latuda has become an important therapy option and a major revenue driver for Sunovion. The drug will lose its patent in February 2024.
   
9. XIFAXAN: Gastrointestinal diseases are a major therapeutic area globally and irritable bowel syndrome (IBS) is a key growth segment in the area. Xifaxan from Salix Pharmaceuticals has generated impressive sales of around $1.6 billion in 2022. Xifaxan (rifaximin) is an oral antibiotic approved for treating IBS-D (diarrhea predominant) and hepatic encephalopathy. The drug will lose its patent in June 2024.
   
10. CABOMETYX: Cabometyx, a blockbuster drug from Exelixis has generated impressive sales of around $1.4 billion in 2022. It is approved for treating advanced renal cell carcinoma both as a first-line treatment and after prior antiangiogenic therapy. The drug is set to lose its September 2024.