The world’s biggest maker of healthcare products, Johnson & Johnson (NYSE:JNJ) is ready to prove itself again. With its status as fastest growing pharmaceutical business in 2012, it doesn’t come as a surprise that the drugmaker has big plans for the near future. It is not only poised to submit more than 10 new product filings by 2017, but it also plans to improve and extend more than 25 current brand lines in that same time period.
The New Brunswick, New Jersey-based company announced its plans in a meeting Thursday. The company’s innovative strategy and ability to continue to develop new therapies in-house and from outside, have allowed it to post 12 consecutive quarters of operational sales growth in its pharmaceuticals segment, which accounts for 38 percent of the company’s annual sales.
Paul Stoffels, M.D., Chief Scientific Officer of Johnston & Johnston, explained Thursday, “With a steadfast focus on the most serious unmet medical needs, our approach is to identify the best science — internal and external — to deliver new options and solutions to patients.”
By focusing on diseases that have few treatment options, Johnson & Johnson has been able to come out with eight new products since 2011 that generated $4.4 billion in sales last year, according to Bloomberg. These products include the prostrate cancer drug Zytiga, the diabetes medicine Invokana, and the blood thinner Xarelto.
As the pharmaceutical market grows to its expected $1.2 trillion by 2017, Johnson & Johnson plans to focus business on emerging markets like China, Brazil and India. By targeting these markets and working on treatments for diseases that give their patients very little options, the company is confident in its ability to submit more product filings and sustain its rapid growth.
As of 11:15 a.m. New York time, Johnson & Johnson fell 0.11 percent to $87.69. The shares gained 39 percent in the past 12 months through yesterday.