As the Global economy continues to deteriorate in many parts of the world, the same can’t be said about the booming pharmaceutical industry. According to researchandmarkets.com the global pharmaceutical market is expected to earn well over one trillion dollars in revenues by the end of 2011. This forecast is based on many growing trends, which seem to not be affected by the global economic crisis of the past few years. Some of these trends include the growth of developing pharmaceutical markets in emerging markets, strong growth in bio-tech based drugs, as well as a large increase in the prevalence of generic medicine. But what other factors are contributing to this large boost in the pharmaceutical sector?
Some of the key research findings researchandmarkets.com found in their report are very conclusive. With a Compound Annual Growth Rate (CAGR) growing at almost 8% per year, the pharmaceutical industry is one of the fastest growing industries in the global marketplace. If the CAGR continues to grow at this pace, the global pharmaceutical market is expected to reach upwards to 1045 Billion in 2012. Other research findings tell the same story. The report also credits the growth in previously untapped markets, the Asia Pacific market like India and China, as being one of the most lucrative pharmaceutical markets of the future. The report also credits the recent growth in Latin American markets, such as Mexico and Brazil, as being key players in the pharmaceutical industry, over the next 20 years.
Many pharmaceutical consulting firms are suggesting many other global trends that are factoring into this large boost in the pharmaceutical industry. Some of these factors include growing market size, favorable government policies, expanding health coverage, and new developments in drug developing technology, just to name a few. However, not everyone in the industry is convinced this unprecedented growth will sustain itself for much longer.
Many life sciences consulting firms are pointing out, that as patents held to key drugs begin to expire in the next ten years, it could hurt the growth of the North American pharmaceutical market. Coupled with the growing prevalence of generic drugs all over the world, as well as dwindling drug pipelines, and the development of less blockbuster drugs and less and less economic cooperation, these factors may challenge the growth of the global marketplace in times to come. Only time will tell.
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