Diabetes is a growing global scourge, but for Big Pharma it's more of a lifesaver -- and many drugmakers are cranking up their research efforts. After all, many existing drugs will soon be losing their patents, and diabetes could be a $55 billion market by 2019.
As many as one-third of American adults could develop diabetes in the next 40 years, according to a new analysis by the Centers for Disease Control and Prevention. The disease is also among the most expensive chronic illnesses to treat, and is considered one of the culprits in rising health care costs.
GlaxoSmithKline's Avandia diabetes drug got hit with a double whammy from regulators on both sides of the pond Thursday. The European Medicines Agency announced plans to yank the drug from the market in the coming months, while U.S. officials placed greater restrictions on its use.
GlaxoSmithKline diabetes drug Avandia has been found to have increased heart attack risk compared to similar medication. But a majority of the Food and Drug Administration's panel of outside experts have voted to keep the drug on the market -- though new restrictions are likely.
Federal regulators approved Novo Nordisk's new once-daily injection for treating Type 2 diabetes Victoza, driving shares higher. Shares of Amylin Pharmaceuticals also rallied as the approval of Victoza raises hopes that Amylin's rival drug will also get the greenlight.
The U.S. diabetes drug market just got a little more competitive. Swiss drugmaker Roche (RHHBY) said Wednesday an experimental medicine in late-stage development works better in treating type 2 diabetes than Merck (MRK) Januvia, according to a clinical study.