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Global pharmaceutical Industry – the backbone of Healthcare

  • By admin
  • May 26, 2014
  • 54 Views

Introduction
The pharmaceutical industry is currently the most booming industry across the globe. The current lifestyle, pollution augmented environment, stressful work life, disturbed eating habits and many more contribute to the health issues of the population of every country. The healthcare industry has come to the aid in this regard and so the demand for new and efficient drugs are also spurring each day. The industry generated revenue of USD 959 billion in 2012. The drugs in the field of Oncology are high in demand. The American region registered a highest revenue generation amounting to USD 417.6 billion. The second highest revenue generating region was Europe with USD 224.3 billion.

Current Scenario
The pharmaceutical industry is currently flourishing on the growing demand of various drugs. The new segments gaining importance are drugs in the segment of pain management, hypertension, diabetes, mental health and respiratory. The pharmaceutical industry sales accounted for USD 839 billion in 2013 as compared to USD 821 billion 2012. United States ranked first in terms of pharmaceutical sales amounting to USD 329 billion dollars compared to USD 331 dollars in 2012. The emerging markets have proved to be the fastest growing in terms of sales. Currently, the hotshot of the industry is Pfizer, which had the highest sale of prescription drugs globally followed by Novartis. The principal generic drug making company in 2012 was Teva Pharmaceuticals.

Outlook
The industry has positive growth potential in the next five years. The amount to be spent on the research and development of the pharmaceutical drugs is forecasted to reach USD 149 billion by 2018 with an average annual growth rate of 1.4 percent. Novartis is expected to grow parallel to Pfizer in the segment of prescription drug sales. Among the major therapy sectors, the anti-coagulant market will gain importance within this time frame. This sector is predicted to grow by 11.5 percent by 2018. The biological products are foreseen to gain importance. The Orphan drugs are expected to contribute significantly to the global prescription segment. Gilead’s hepatitis C polymerase inhibitor, Sofosbuvir is expected to retain the position of being the most important R&D product. The overall scenario of the pharmaceutical industry also looks optimistic. The global sale figures are expected to grow at the rate of 5.3 percent within 2012 and 2017. The industry is foreseen to be dominated by United States and United Kingdom. Among the emerging markets, China and India is predicted with strong growth in terms of Pharmaceutical sales.

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