Drug Makers Focusing on Pain Management Alternatives to Opioid Drugs

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, Feb. 13, 2020 /PRNewswire/ -- Opioid drugs are and have been a God-send for many patients whose severe, excruciating pain had no other drug or device to allow them to escape from its throes… But we all know that the other side of that coin has created a social hell of its own. That is the impetus for the ever increasing non-opioid pain, treatment and device markets efforts to find alternatives and effective replacements for opioids. The global opioid epidemic has escalated at an alarming rate, owing to which several countries have opted for other alternatives for the management of pain. In 2017, opioid crisis was declared as a national emergency indicating the impact of opioid addiction in the U.S. According to data from National Institute of Drug Abuse, an estimated 90 Americans die of opioid overdose every day. The Centers for Disease Control and Prevention estimates that the economic burden brought upon the country because of opioid misuse amounts to USD $78.5 Billion every year. These costs include those incurred for healthcare expenditure, addiction treatment, loss of productivity, and criminal justice involvement. These facts are indicative of the growing need to curb this addiction. Thus, demand for other alternatives that are safe has increased, boosting market growth.  Active biotech and pharma companies in the markets this week include:  Q BioMed Inc. (OTCQB: QBIO), Collegium Pharmaceutical, Inc. (NASDAQ: COLL), Mallinckrodt plc (NYSE: MNK), Endo International plc (NASDAQ: ENDP), Teva Pharmaceutical Industries Limited (NYSE: TEVA).

Pain and related disorders are increasing at a rapid rate globally owing to changes in lifestyle, lack of physical activity, and growing number of surgical procedures. Chronic and acute pain affects more Americans than diabetes, cancer, and heart diseases combined, according to the U.S Department of Health and Human Services (HHS). HHS also reported that pain is the most common reason for visits to healthcare facilities, which makes it the foremost cause of disability in patients, thereby contributing largely to healthcare costs. The aforementioned factors are encouraging the discovery of safe and effective management options such as non-opioid pain patches, thus boosting their market growth.  As a result of these efforts, the non-opioid sub-markets are projected to continue their impressive growth rate well into the future.