This year, it was expected to increase to $737.6 billion, rising at a 6.9% compound annual growth rate (CAGR) through 2013, when it’s expected to surpass $1 trillion. That’s according to a new technical report called “Global Pharmaceutical Markets,” from BCC Research (www.bccresearch.com).
As the figures in the accompanying chart show, generic prescription drugs are expected grow the fastest among pharmaceuticals, at 11.3% CAGR through 2013, compared with OTC products (7.1%) and branded prescription drugs (6%). Branded prescription drugs, however, are expected to account for the greatest overall global dollar sales, followed by generic prescription drugs and OTC products.
A BCC press release indicates several factors that may influence the pharmaceutical market. Specifically, it says, “though the worldwide pharmaceutical industry remains one of the most profitable and stable industries, several variables are influencing fundamental changes in its structure, including increasing examples of government-imposed price reductions in pharmaceutical prices, the increasing role of generic substitutes, and enhanced outsourcing, in-licensing, contract research, and manufacturing activities.”
The release adds, “Increased health awareness amongst patients and governments, changing world demographics, declining R&D productivity, worldwide compliance of general agreements on tariffs and trade (GATT), and trade-related intellectual property rights, along with the emergence of e-pharmaceuticals, also are reshaping the dynamic pharmaceuticals industry.”
An electronic PDF of the research is available for $4,850. Contact BCC Research at 866/285-7215, or at [email protected].
