Australia Multiple Myeloma Therapeutics Market Analysis

Australia Multiple Myeloma Therapeutics Market Analysis


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Australia's multiple myeloma therapeutics market was valued at $100 Mn in 2022 and is estimated to expand at a CAGR of 6% from 2022 to 2030 and will reach $160 Mn in 2030. One of the main reasons propelling the growth of this Market is Increasing healthcare expenditure, Increasing geriatric population. The Market is segmented by type, drug, and distribution channel. Some key players in this Market are CSL, Telix Pharmaceuticals, Mesoblast, Kazia Therapeutics, Immutep, Patrys, Actinogen Medical, Noxopharm, Prima BioMed, Polynovo, and others.

ID: IN10AUPH301 CATEGORY: Rare Diseases GEOGRAPHY: Australia AUTHOR: Nandini Shah

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Australia Multiple Myeloma Therapeutics Market Executive Summary

Australia's multiple myeloma therapeutics market was valued at $100 Mn in 2022 and is estimated to expand at a CAGR of 6% from 2022 to 2030 and will reach $160 Mn in 2030. Myeloma arises when plasma cells (white blood cells) in the bone marrow expand and divide abnormally and uncontrollably, diminishing the body's capacity to create normal blood cells. Patients with multiple myeloma have multiple bone lesions at the time of diagnosis in around 90% of cases. In Australia, 2,247 new instances of multiple myeloma were reported in 2018. (1,336 males and 910 females). One of the major growth drivers is the increasing number of clinical trials for multiple myeloma therapeutics. Australia has a well-established clinical trials infrastructure, and its regulatory framework for conducting clinical trials is considered one of the best in the world. This has attracted several multinational pharmaceutical companies to conduct clinical trials in the country, leading to the development of new and innovative therapies.

australia multiple myeloma therapeutics market

Market Dynamics

Market Growth Drivers

According to the Australian Institute of Health and Welfare (AIHW), the incidence of multiple myeloma has been increasing steadily over the past decade. In 2022, In 2022, it is estimated that 2,625 new cases of multiple myeloma will be diagnosed in Australia (1,540 males and 1,085 females). In 2022, it is estimated that a person has a 1 in 111 (or 0.90%) risk of being diagnosed with multiple myeloma by the age of 85 (1 in 94 or 1.1% for males and 1 in 135 or 0.74% for females). This increasing incidence is expected to drive the demand for multiple myeloma therapeutics in the country. The development of novel therapies such as immunomodulatory drugs, proteasome inhibitors, and monoclonal antibodies has significantly improved the treatment outcomes for multiple myeloma patients. The availability of these treatment options in Australia is expected to drive the growth of the multiple myeloma therapeutics market in the country.

The Australian government has been increasing its healthcare expenditure in recent years. According to the Australian Institute of Health and Welfare (AIHW), healthcare expenditure in Australia was estimated to be AUD 185.4 Bn in 2019-20, which represents an increase of 2.5% from the previous year. This increased healthcare expenditure is expected to drive the demand for multiple myeloma therapeutics in the country. The Australian government provides reimbursement for several multiple myeloma therapeutics under the Pharmaceutical Benefits Scheme (PBS). This scheme provides subsidies for medicines listed on the PBS, making them more affordable for patients. The favorable reimbursement policies are expected to drive the demand for multiple myeloma therapeutics in the country. The aging population in Australia is increasing, which is expected to drive the incidence of multiple myeloma. According to the Australian Bureau of Statistics, the proportion of people aged 65 years and over is expected to increase from 15% in 2017 to 22% by 2066. This increasing geriatric population is expected to drive the demand for multiple myeloma therapeutics in the country.

Market Restraints

The high cost of new therapies and limited reimbursement coverage by the government and private payers limit the availability and accessibility of novel therapies to patients. The Australia multiple myeloma therapeutics market is relatively small and fragmented, with a limited number of players. This leads to intense competition, making it difficult for new entrants to gain a foothold in the market. Multiple myeloma is a relatively rare disease, and there is a lack of awareness among the general public and healthcare professionals. This leads to delays in diagnosis and treatment and hinders the adoption of new therapies. The regulatory landscape in Australia is complex and varies by state, making it difficult for companies to navigate the market and gain regulatory approval for their products. Australia has an aging population, which increases the prevalence of multiple myeloma and other diseases. This puts pressure on the healthcare system and creates a greater need for effective. The COVID-19 pandemic has disrupted supply chains globally, causing delays in the production and distribution of drugs, including multiple myeloma therapeutics. This has led to shortages of certain drugs and increased prices.

Competitive Landscape

Key Players

  • CSL
  • Telix Pharmaceuticals
  • Mesoblast
  • Kazia Therapeutics
  • Immutep
  • Patrys
  • Actinogen Medical
  • Noxopharm
  • Prima BioMed
  • Polynovo

Healthcare Policies and Regulatory Landscape

Australia has a universal healthcare system known as Medicare, which provides access to medical services, including pharmaceuticals. The Therapeutic Goods Administration (TGA) is the regulatory body responsible for the regulation of therapeutic products in Australia, including prescription and over-the-counter medicines. In addition, the Pharmaceutical Benefits Scheme (PBS) provides subsidized access to prescription medicines listed on the scheme, including those used for the treatment of multiple myeloma.

The Australian government has implemented a range of policies and initiatives aimed at improving access to healthcare, including the Pharmaceutical Benefits Scheme, which aims to provide affordable access to essential medicines. The Australian government also has a strong focus on medical research, including cancer research, which has led to the development of new and innovative treatments for multiple myeloma.

In recent years, there has been a growing trend towards the use of value-based pricing in Australia, which considers the clinical and economic benefits of treatment when setting the price. This has led to increased scrutiny of the cost-effectiveness of new treatments for multiple myeloma, and has also led to the development of innovative pricing models, such as risk-sharing agreements, which aim to share the risk of treatment outcomes between the manufacturer and the healthcare system.

Reimbursement Scenario

The reimbursement scenario for multiple myeloma therapeutics in Australia is largely governed by the Pharmaceutical Benefits Scheme (PBS), which is administered by the Australian Government's Department of Health. The PBS provides timely, reliable, and affordable access to necessary medicines to Australian residents.

Under the PBS, drugs that are deemed safe and effective are evaluated for inclusion on the PBS Schedule, which is a list of medicines that are subsidized by the Australian Government. Once a drug is listed on the PBS, patients can purchase it at a reduced cost or in some cases, at no cost, compared to the full price of the drug.

To be listed on the PBS, a drug must undergo a cost-effectiveness assessment by the Pharmaceutical Benefits Advisory Committee (PBAC). The PBAC evaluates the drug's clinical efficacy, safety, and cost-effectiveness compared to other available treatments.

However, it is worth noting that the PBS only covers drugs that are approved by the Therapeutic Goods Administration (TGA), which is Australia's regulatory agency for medicines and medical devices. Therefore, drugs that are not approved by the TGA may not be eligible for listing on the PBS, and patients may need to pay the full cost of the drug if they wish to use it. Overall, the PBS provides an important safety net for patients with multiple myeloma in Australia by ensuring that they have access to necessary medicines at an affordable cost. 

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Australia Multiple Myeloma Therapeutics Market Segmentation

By Treatment

  • Chemotherapy
  • Immunotherapy
  • Targeted therapy
  • Radiation therapy
  • Stem cell transplant

By Distribution Channel

  • Hospitals
  • Retail
  • Online

By End User (Revenue, USD Bn):

  • Hospitals
  • Clinics
  • Cancer Research Centers

By Drug Class

Immunomodulatory Drugs (IMiDs)

One of the most common therapies used to treat myeloma is immunomodulatory drugs or IMiDs. These drugs work by modifying the immune system to attack myeloma cells and have been a significant advance in the treatment of multiple myeloma. Some of the commonly used IMiDs in multiple myeloma include:

  • Lenalidomide (Revlimid): Lenalidomide is an oral medication that is used in the treatment of multiple myeloma, as well as other blood cancers such as myelodysplastic syndromes (MDS). It may help the immune system in eliminating cancerous or abnormal blood cells. Moreover, it might stop the development of new blood vessels that tumors require to expand
  • Pomalidomide (Pomalyst): Pomalidomide is an oral medication that is used to treat multiple myeloma. It works in a similar way to lenalidomide, by enhancing the immune system's ability to target cancer cells. Also, it makes it easier for immune cells to eliminate faulty myeloma cells, aiding in the production of healthy blood cells in the myeloma
  • Thalidomide (Thalomid): Thalidomide was the first IMiD to be used in the treatment of multiple myeloma. It works by modulating the immune system and preventing the growth of blood vessels that supply the tumor
  • CC- 4047 (Actimid): CC-4047 is a newer IMiD that is still under investigation for the treatment of multiple myeloma. It works by inhibiting the growth of cancer cells and promoting their death

Proteasome Inhibitors

Proteasome inhibitors are a class of drugs that are commonly used in the treatment of multiple myeloma. They work by blocking the activity of proteasomes, which are cellular structures that break down proteins. This leads to the accumulation of proteins within the myeloma cells, ultimately causing their death. Some proteasome inhibitors used in multiple myeloma include:

  • Bortezomib (Velcade): Bortezomib was the first proteasome inhibitor approved for the treatment of multiple myeloma. It is given by injection and is often used in combination with other drugs, such as chemotherapy or immunomodulatory drugs. Bortezomib is highly effective in inducing remissions in newly diagnosed and relapsed/refractory multiple myeloma patients
  • Carfilzomib (Kyprolis): Carfilzomib is a newer proteasome inhibitor that is approved for the treatment of multiple myeloma. It is given by injection and can be used as a single agent or in combination with other drugs. Carfilzomib has shown excellent results in heavily pretreated patients with relapsed/refractory multiple myeloma
  • Ixazomib (Ninlaro): Ixazomib is an oral proteasome inhibitor that is approved for use in combination with lenalidomide and dexamethasone for the treatment of multiple myeloma. It is the first oral proteasome inhibitor and offers the convenience of home administration

Monoclonal Antibodies:

Monoclonal antibodies, target specific proteins on the surface of myeloma cells, causing them to be destroyed by the immune system. Some of the commonly used monoclonal antibodies in multiple myeloma include:

  • Daratumumab (Darzalex): Daratumumab is a monoclonal antibody that targets a protein called CD38, which is highly expressed on the surface of myeloma cells. By binding to CD38, daratumumab triggers the immune system to attack and destroy cancer cells. It is approved for use in multiple myeloma in combination with other drugs, such as lenalidomide or bortezomib.
  • Elotuzumab (Empliciti): Elotuzumab is a monoclonal antibody that targets a protein called SLAMF7, which is also expressed on the surface of myeloma cells. By binding to SLAMF7, elotuzumab enhances the immune system's ability to attack cancer cells. It is approved for use in combination with lenalidomide and dexamethasone for the treatment of multiple myeloma.
  • Isatuximab (Sarclisa): Isatuximab is a monoclonal antibody that targets a protein called CD38, similar to daratumumab. By binding to CD38, isatuximab triggers the immune system to attack and destroy cancer cells. It is approved for use in combination with pomalidomide and dexamethasone for the treatment of multiple myeloma.

Chemotherapy Drugs

Chemotherapy drugs work by killing rapidly dividing cells, including cancer cells. Chemotherapy is often used in combination with other drugs, such as steroids, immunomodulatory drugs, or proteasome inhibitors, to improve their effectiveness. Here are some chemotherapy drugs used in multiple myeloma:

  • Melphalan: Melphalan is an alkylating agent that is commonly used in the treatment of multiple myeloma. It is used as a preventative measure before having a stem cell transplant to treat multiple myeloma. It works by damaging the DNA of cancer cells, leading to their death. Melphalan is often used in combination with other drugs, such as prednisone, to treat newly diagnosed multiple myeloma.
  • Cyclophosphamide: Cyclophosphamide works by damaging the DNA of cancer cells, leading to their death. Cyclophosphamide is often used in combination with other drugs, such as dexamethasone, to treat relapsed or refractory multiple myeloma. Cyclophosphamide inhibits cancer cell proliferation, causing the body to kill the cancer cells.
  • Doxorubicin: Doxorubicin works by inhibiting the synthesis of DNA and RNA, leading to the death of cancer cells. Doxorubicin is often used in combination with other drugs, such as bortezomib or dexamethasone, to treat newly diagnosed or relapsed/refractory multiple myeloma. Doxorubicin belongs to the anthracycline class of chemotherapeutic drugs, which also includes daunorubicin, idarubicin, and epirubicin.
  • Etoposide: Etoposide is a topoisomerase inhibitor chemotherapy drug that is used in the treatment of multiple myeloma. It works by inhibiting the activity of topoisomerase enzymes, which are necessary for DNA replication and repair. Etoposide is often used in combination with other drugs, such as cisplatin, to treat relapsed or refractory multiple myeloma. It works by reducing or preventing cancer cell proliferation in your body.

Steroids

Steroids such as dexamethasone and prednisone are often used in combination with other drugs to treat multiple myeloma. They can reduce inflammation, suppress the immune system, and promote the death of myeloma cells.

  • Dexamethasone: Dexamethasone works by reducing inflammation and suppressing the immune system. Dexamethasone is often used in combination with other drugs to treat relapsed or refractory multiple myeloma.
  • Prednisone: Prednisone works by suppressing the immune system and reducing inflammation. Prednisone is often used in combination with other drugs, such as chemotherapy, to treat newly diagnosed multiple myeloma.
  • Methylprednisolone: Methylprednisolone is a steroid that is similar to prednisone and is also used in the treatment of multiple myeloma. It works by suppressing the immune system and reducing inflammation. Methylprednisolone is often used in combination with other drugs to treat relapsed or refractory multiple myeloma.

Steroids are effective in reducing inflammation and suppressing the immune system, which can help to control the growth of myeloma cells. However, they can have side effects, such as weight gain, mood changes, and increased risk of infection, so their use needs to be carefully monitored.

Others

Other drug classes used to treat multiple myeloma include:

  • Histone deacetylase inhibitors- A new class of cytostatic drugs that suppress tumor cell proliferation in vitro and in vivo by inducing cell cycle arrest, differentiation, and/or apoptosis
  • Immune checkpoint inhibitors- Checkpoint proteins are produced by some immune system cells, such as T cells, as well as some cancer cells. These checkpoints prevent too-aggressive immune responses and, in some cases, prevent T cells from destroying cancer cells
  • Targeted & therapies- Proteasome inhibitors are one type of targeted therapy for multiple myeloma. Proteasome inhibitors include bortezomib (Velcade), carfilzomib (Kyprolis), and ixazomib (Ninlaro). They target proteasomes, which are enzymes that break down proteins in cells

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Last updated on: 27 September 2023
Updated by: Keta Vora

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