Overview of Verelan
Verelan, a brand name for the drug verapamil hydrochloride, is a calcium channel blocker used primarily to treat hypertension, angina pectoris, and certain heart rhythm disorders. Here’s a detailed look at the market dynamics and financial trajectory of Verelan.
Market Segmentation
The verapamil hydrochloride market, which includes Verelan, is segmented based on type, application, and geography.
Type
The market is divided into purity levels: Purity Above 98% and Purity Below 98%. In 2023, the Purity Above 98% segment accounted for a significant share of the global market and is projected to experience substantial growth in the near future[1].
Application
Verelan is available in various forms, with the tablet segment being particularly prominent. The tablet segment is expected to expand at a significant CAGR throughout the forecast period[1].
Regional Analysis
The global market for verapamil hydrochloride is segmented into major regions including North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Each region has its own market size and growth prospects, with Asia-Pacific often showing robust growth due to increasing healthcare demands and economic development[1].
Key Players and Competitive Landscape
Several companies are key players in the verapamil hydrochloride market, including Bharat Pharmaceuticals, Vpl Chemicals Pvt Ltd, Titan Pharma (India) Pvt Ltd, and Wuhan Fortuna Chemical Co. Ltd. These companies are focusing on strengthening their product portfolios and expanding their business globally[1].
Recro Pharma's Role
Recro Pharma, Inc. is a significant player in the market, particularly through its agreements with commercial partners like Lannett Company, Inc. Under the Lannett Agreement, Recro Pharma receives a share of profits on sales of Verelan PM and SR, as well as an annual license fee and reimbursement for certain program fees[3].
Financial Trajectory
Revenue and Profit Sharing
Recro Pharma generates revenue from the sales of Verelan through profit-sharing agreements with Lannett. For instance, Lannett pays Recro Pharma a share of profits on sales of Verelan PM and SR, along with an annual license fee of $500,000 and reimbursement for 50% of the Prescription Drug User Act program fees associated with Verelan[3].
Market Growth
The global controlled release drug delivery market, which includes Verelan, is expected to grow significantly. By 2028, this market is projected to reach over $90 billion, driven by the increasing demand for controlled-release drugs in treating various conditions such as hypertension, angina pectoris, and other chronic diseases[4].
Pricing and Cost
The cost of Verelan PM, an extended-release oral capsule, can vary depending on the pharmacy but is generally around $712 for a supply of 100 capsules[5].
Market Drivers and Opportunities
Controlled Release Technology
The advancement in controlled release technology is a major driver for the market. This technology ensures the maintenance of the desired drug concentration in the patient, reducing side effects and toxicity. It also offers non-toxicity and biocompatibility, making it highly acceptable among researchers and patients[4].
Increasing Healthcare Needs
The growing need for effective treatments for chronic conditions such as hypertension and angina pectoris is driving the demand for drugs like Verelan. The aging population and increasing prevalence of these conditions are expected to further boost the market[4].
Challenges and Restraints
Regulatory Compliance
Companies involved in the manufacture and distribution of Verelan must comply with stringent regulatory requirements. This includes maintaining excellent quality and regulatory compliance systems, which can be a challenge and a significant cost factor[3].
Patent and Licensing Issues
The expiration and renewal of licensing agreements, such as the Lannett Agreement, can impact the financial trajectory of companies like Recro Pharma. Ensuring continuous revenue streams through these agreements is crucial[3].
Consumer Behavior and Side Effects
Reporting Side Effects
Consumers are encouraged to report any side effects associated with Verelan, which helps in monitoring the safety and efficacy of the drug. This feedback is crucial for regulatory bodies and manufacturers to ensure the optimal use of the product[2].
Technological Trends
Modified Release Mechanisms
The development of extended, controlled, and sustained release mechanisms is a key technological trend in the market. Companies like Recro Pharma specialize in these technologies, which enhance the delivery and efficacy of drugs like Verelan[3].
SWOT Analysis
Strengths
- Strong relationships with commercial partners
- Operational excellence and quality compliance
- Specialized expertise in controlled release formulations
Weaknesses
- Dependence on a small number of commercial partners
- High regulatory compliance costs
- Potential patent and licensing issues
Opportunities
- Growing demand for controlled release drugs
- Expanding into new market segments
- Increasing healthcare needs in emerging markets
Threats
- Competitive market with multiple players
- Regulatory changes and compliance challenges
- Economic fluctuations affecting healthcare spending
Key Takeaways
- Verelan is a significant player in the verapamil hydrochloride market, driven by its controlled release technology.
- The market is segmented by type, application, and geography, with the Purity Above 98% segment and tablet form being prominent.
- Recro Pharma’s agreements with commercial partners like Lannett are crucial for its revenue.
- The global controlled release drug delivery market is expected to grow substantially by 2028.
- Regulatory compliance and patent issues are key challenges.
FAQs
What is Verelan used for?
Verelan is used to treat hypertension, angina pectoris, and certain heart rhythm disorders.
Who are the key players in the verapamil hydrochloride market?
Key players include Bharat Pharmaceuticals, Vpl Chemicals Pvt Ltd, Titan Pharma (India) Pvt Ltd, and Wuhan Fortuna Chemical Co. Ltd.
What is the expected growth of the controlled release drug delivery market?
The market is expected to reach over $90 billion by 2028.
How does Recro Pharma generate revenue from Verelan?
Recro Pharma generates revenue through profit-sharing agreements with Lannett and annual license fees.
What are the main challenges faced by manufacturers of Verelan?
Manufacturers face challenges such as regulatory compliance, patent and licensing issues, and dependence on a small number of commercial partners.
Sources
- Cognitivemarketresearch.com: Verapamil Hydrochloride Market Report 2024 (Global Edition)
- Dhpp.hpfb-dgpsa.ca: Details for: VERELAN - Drug and Health Products Portal
- Annualreports.com: Recro Pharma, Inc. - Annual Reports
- Prnewswire.com: Global Controlled Release Drug Delivery Market Report 2022
- Drugs.com: Verelan PM Prices, Coupons, Copay Cards & Patient Assistance
