The Pharmaceutical Industry has been working enormously for the well-being of humankind for thousands of years. Over the past few years, the industry has successfully produced advanced medications and drugs to cure many lethal diseases. In addition, pharmaceutical companies constantly strive towards innovations and research for the betterment of patients.
With every innovation, highly skilled job openings are promoted, and industry workers gain more scientific knowledge, expedite capital formation and long-term economic growth. Moreover, the pharmaceutical industry is essential for international competitiveness. As a result, several countries are economically involved in producing, selling, and exporting pharmaceutical products. Here, we will discuss the potential and statistics, and facts of the multi-billion-dollar global pharmaceutical industry across various countries.
With over 120 domestic pharmaceutical companies, Egypt is among the largest producers and consumers of pharmaceuticals in Africa and the Middle East. As per the latest report of Egypt Healthcare, Regulatory and Reimbursement Landscape – CountryFocus, “The Egyptian pharmaceutical market was valued at EGP44.70B ($2.66B) in 2019, which is estimated to increase at a Compound Annual Growth Rate (CAGR) of 8% to EGP56.60B ($3.37B) in 2022. Furthermore, the market value is expected to increase to $3.94B by 2024.”
The pharmaceutical industry in Ukraine is amongst the ten biggest pharmaceutical industries in the Central and Eastern European (CEE) region. Ukraine’s drug market has not recovered from the 2014–2015 crisis, but it is constantly growing. The trend is likely to continue in the coming years. As a result, Ukraine’s pharmaceutical sector is one of the fastest-growing and most crisis-resistant consumer industries in the economy. The latest report says that the demand for pharmaceutical products increased in 2016-2020, with a CAGR for a specified period of 11.5%, while capital investments grew at an average rate of 16%.
The Turkish pharmaceutical industry ranks 7th in Europe and 16th in the world in market size. However, Turkey has a significant opportunity to become essential services and pharma products supplier for neighboring regions. With a total export potential of USD 8 billion, the market will reach TR 45.6 billion in 2023.
The Turkish pharmaceuticals industry is valued at approximately US$6 billion and represents around 0.5% of the global pharmaceutical market of US$1.2 trillion, having grown steadily in the past decade. Besides increasing its output, the industry has also committed to more R&D projects and manufacturing higher-value drugs.
The pharmaceutical market in South Korea is on the increase and is expected to reach more than US$20 billion by 2020. According to a report by research and consulting firm GlobalData, the South Korean pharmaceutical market will observe a Compound Annual Growth Rate (CAGR) of 2.4%, increasing from US$18.6 billion in 2016 to US$20.4 billion by 2020. The government’s increasing focus on generics to reduce healthcare expenditure comes from the robust growth of the pharmaceutical sector.
Colombia has a stable and attractive health system. With a population of 50 million, Colombia is the third most populous country in Latin America (after Mexico and Brazil), and 95% of the population is insured under the General Social Security Health System. In addition, Colombia has a diverse product portfolio for the pharmaceutical sector, where half of all sales are in brand-name products and the other half in generic products.
In 2019, the pharmaceutical market in Colombia was worth USD 4.795 billion. That same year, production reached an estimated value of USD 2.944 billion, led by digestive and metabolic health products. Forecasts suggest a sustained growth of 3% for this market by 2022.
As the world’s sixth most populous country, Brazil represents an enormous market opportunity in Latin America for multinational pharma companies. Valued at around $23 billion by EY, a global consulting agency, Brazil represented the seventh largest pharma market in the world in 2018.
According to research and consulting firms, the Brazilian pharmaceutical market will expand in value from $29.4 billion in 2014 to reach approximately $47.9 billion by 2020, representing a solid Compound Annual Growth Rate (CAGR) of 8.5% GlobalData.
Mexico, which has over a hundred million inhabitants, has become the world’s ninth biggest pharmaceutical market and the largest in Latin America, surpassing Brazil for the first time in its history. The country’s manufacturing infrastructure has also become one of the most modern globally, with many FDA-approved factories.
The sector already represents 1.18% of the national GDP, generating US$9,244 million (source Canifarma). The private sector market is valued at US$7,394 million, and the governmental market, through social security, is estimated at US$1,850 million.
Germany constitutes the primary European pharmaceutical market and the fourth largest worldwide. More than 500 pharmaceutical companies are located in Germany. Overall, the German pharmaceutical industry has 120,000 people (2019).
The German pharmaceuticals market size was valued at USD 41.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027. Increasing patent applications focused on developing novel drug delivery systems, new drugs, and formulations is anticipated to boost the market for pharmaceuticals.
Although countries like the USA, U.K., Canada, Japan, India, and Australia, are leading in the pharmaceutical sector, their achievements mentioned above are noteworthy and appreciable.
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