Despite widespread financial crisis in Europe, Botox sales have continued to grow rapidly over the past year. The demand for other non-invasive cosmetic procedures such as fillers that reduce creases around the mouth, as well as invasive surgical procedures such as breast implants, have also seen a significant increase in sales, proving that a gloomy financial climate poses no threat to beauty-conscious European consumers.
“My surmise is that societal forces of people wanting to look younger and better are overpowering the economic environment,” David Pyott, chief executive at Allergan, the maker of Botox, recently commented to the Financial Times.
Rapid consumer demand for Botox as well as other cosmetic procedures in Europe comes during a time when U.S. sales are seeing a moderate decline, but are still “pretty good” according to Pyott. Globally, Botox sales experienced a nearly 16 percent increase over the past year. Allergan announced profits upwards of $251m in its third quarter, largely due to its top seller, Botox.
Botox Now Approved to Treat Overactive Bladder
Botox was recently approved by the U.S. Food and Drug Administration (FDA) as a treatment for overactive bladder, a bladder storage condition that causes a sudden urge to urinate and often results in urinary incontinence. It was also recently approved in Ireland by the Irish Medicines Board as a recommended treatment for overactive bladder, paving the way for approval throughout the European Union.
Botox will likely continue to see a strong increase in sales as it continues to be approved for non-cosmetic indications. Pyott estimates that therapeutic sales of Botox will grow enough to eventually outweigh cosmetic related sales with the next five years.