Overview of PERFOROMIST
PERFOROMIST, or formoterol fumarate inhalation solution, is a long-acting beta2-adrenergic agonist (LABA) used to control the symptoms of chronic obstructive pulmonary disease (COPD) in adults. It is administered via a nebulizer and is indicated for the long-term, twice-daily maintenance treatment of bronchoconstriction associated with COPD, including chronic bronchitis and emphysema[1][4].
Market Dynamics
Market Growth and Forecast
The global formoterol fumarate market, which includes PERFOROMIST, is projected to grow at a moderate pace. Between 2023 and 2030, the market is expected to see substantial growth rates, with a Compound Annual Growth Rate (CAGR) of 3 to 5 percent. This growth is driven by increasing pollution levels and the subsequent rise in respiratory issues such as asthma and COPD[3].
Key Drivers
- Increasing Prevalence of COPD: The growing number of patients with COPD, exacerbated by environmental factors and lifestyle changes, is a significant driver of the market.
- Economic Impact: The use of formoterol fumarate and its combination therapies can lead to substantial cost savings by reducing healthcare resource use and improving patient outcomes[3].
Challenges and Restraints
- Lack of Awareness: Limited awareness about respiratory diseases and their treatments hampers market growth.
- Shortage of Skilled Professionals: The shortage of skilled healthcare professionals in some regions restricts the market's potential[3].
Price Projections and Cost Analysis
Current Pricing
The cost for PERFOROMIST (20 mcg/2 mL) inhalation solution is around $626 for a supply of 60 milliliters, depending on the pharmacy. This price is for cash-paying customers and does not apply with insurance plans[2].
Generic Version Pricing
With the launch of the first generic version of PERFOROMIST by Teva Pharmaceuticals, the price has significantly reduced. The generic formoterol fumarate inhalation solution is available from around $229.41 for 60 milliliters, offering a more affordable option for patients[2].
Patient Assistance and Copay Programs
Patient assistance programs (PAPs) and copay cards are available to help reduce the cost for individuals with low income or those who are uninsured or under-insured. These programs can provide cost-free or discounted medicines, further reducing the financial burden on patients[2].
Market Size and Financial Trajectory
Annual Sales
PERFOROMIST has annual sales of more than $299 million in the U.S., according to IQVIA data as of March 2021. This figure underscores the significant market presence of the drug[1].
Projected Market Size
The formoterol fumarate market, including PERFOROMIST, is expected to reach an estimated valuation of several billion USD by 2031, driven by the growing demand for COPD treatments and the introduction of generic versions[3].
Competitive Landscape
Key Players
The market for formoterol fumarate includes several key players such as Cipla Inc., Inke, Fermion, Beaukev Pharma International Pvt. Ltd., Astra Zeneca, Mylan, and Teva Pharmaceuticals. Teva's launch of the first generic version of PERFOROMIST has significantly impacted the competitive landscape, offering patients a more affordable alternative[3][5].
Impact of Generic Launch
The introduction of the generic version of PERFOROMIST by Teva Pharmaceuticals has marked a significant shift in the market. This launch not only provides patients with a cost-effective option but also increases competition, which can drive further innovation and price reductions.
"Teva is pleased to provide patients with first-to-market access to a generic version of PERFOROMIST (formoterol fumarate inhalation solution)," said Christine Baeder, SVP, Chief Operating Officer US Generics, Teva USA[1].
Future Trends and Insights
Growing Demand for Respiratory Treatments
The global asthma and COPD drugs market is expected to grow significantly, with the asthma drugs market projected to reach $34.13 billion by 2028, growing at a CAGR of 5.0% from 2021 to 2028. This growth trend indicates a rising demand for respiratory treatments, including formoterol fumarate[5].
Technological Advancements
Advancements in inhalation technologies, such as nebulizers and dry powder inhalers, are expected to enhance the delivery and efficacy of formoterol fumarate, further driving market growth[5].
Key Takeaways
- Market Growth: The formoterol fumarate market is projected to grow at a moderate pace, driven by increasing prevalence of COPD and technological advancements.
- Price Reduction: The launch of generic versions has significantly reduced the cost of formoterol fumarate inhalation solutions.
- Competitive Landscape: Key players include Teva Pharmaceuticals, Cipla Inc., and Astra Zeneca, with Teva's generic launch being a significant market mover.
- Patient Assistance: Various patient assistance programs and copay cards are available to help reduce the financial burden on patients.
FAQs
Q: What is PERFOROMIST used for?
A: PERFOROMIST (formoterol fumarate inhalation solution) is used to treat bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema[1].
Q: How much does PERFOROMIST cost?
A: The cost for PERFOROMIST (20 mcg/2 mL) inhalation solution is around $626 for a supply of 60 milliliters. However, the generic version is available from around $229.41 for 60 milliliters[2].
Q: Who launched the first generic version of PERFOROMIST?
A: Teva Pharmaceuticals launched the first generic version of PERFOROMIST in the United States[1].
Q: What are the key drivers of the formoterol fumarate market?
A: The key drivers include the increasing prevalence of COPD, economic impact of the medication, and technological advancements in inhalation technologies[3].
Q: What is the projected market size of the formoterol fumarate market by 2031?
A: The formoterol fumarate market is expected to reach an estimated valuation of several billion USD by 2031[3].
Cited Sources
- Teva Announces Its Launch of the First Generic PERFOROMIST® - Teva Pharmaceuticals.
- Perforomist Prices, Coupons, Copay Cards & Patient Assistance - Drugs.com.
- Formoterol fumarate - Generic Drug Details - Drug Patent Watch.
- Perforomist (formoterol fumarate) FDA Approval History - Drugs.com.
- Asthma Drugs Market Size Worth $34.13Bn, Globally, by 2028 - GlobeNewswire.
