An Overview of the Global Pharmaceutical Industry

15/08/2018
          There are predictions about the increase in global population. The population is predicted to rise to 7.7 billion by 2020 and may rise further to 9.6 billion by 2050. An increase in global population will affect demand in the pharmaceutical industry. According to the IMS institute’s forecast, the income of the global pharmaceutical industry in 2017 is currently worth 1.2 billion USD, and with accumulative growth rate of 6% per year, will reach 1.4 billion USD in 2021. Other than an increase in population, there are other elements which affect pharmaceutical industry growth - such as the improvement of new pharmaceutical markets in various countries (e.g. China, India, South Korea, Brazil, Thailand), the generation shift of adults to elders in first world countries, the increase in chronic diseases, urbanization around the world, and the demand for better healthcare. The Asia-Pacific region in particular has one of the highest pharmaceutical industry growth rates in the world, with twelve to fourteen percent increase in accumulative growth rate per year.
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