As per a leading healthcare research firm, global pharma market is forecasted to grow at slowest pace in a decade.
As per a leading healthcare research firm, global pharma market is forecasted to grow at slowest pace in a decade, as cost containment procedures & patent expirations affect growth in US & developed European markets, reports Reuters on October 24 2006.
Overall prescription market is expected to grow by 5-6 % in 2007 & sales expected to reach between US $ 665-685 Billion, compared to 6-7 % growth in 2006. Between 25-35 new products are expected to be introduced in the year 2007, similar to 30 expected new products launched in the year 2006.
Geographic balance for the pharma sector continues to move from US towards developing economies like China, India, Brazil and Turkey. These nations represent 17% of global pharma market at present but are expected to contribute 30% of growth in 2007.
"Developing economies are expected to grow in future due to cheap labor costs, expansion of healthcare availability & growth in the treatments of chronic diseases. Global pharma market is estimated to reach approximately US $ 700 Billion by 2007," said an analyst at RNCOS.
In US, the leader in pharma sector, Medicare drugs for senior & the disabled are expected to continue their contribution for second consecutive year, countering decline of best-selling products that will lose patent protection. US pharma market is expected to grow just 4-5 % next year (2007), compared to 6-7 % this year.
France, UK, Germany, Spain & Italy are the top 5 pharma markets in Europe will grow by 3-4%, compared to 4-5% this year. These nations are rapidly examining the costs of medicine to decide about their reimbursements & are making further incentives to utilize low-priced generic drugs.
Drugs worth US $ 16 Billion will lose their patent protection & blockbuster products will grow to 112 in numbers next year, up by 94 from last year. Cancer treatment sales are forecasted to reach US $ 40-50 Billion, contributing to almost 20% of growth.
Other key growth areas for 2007 include biotech products, estimated to rise by around 14%. Prescription products are expected to grow by 11% & generics market is forecasted to grow by 13-14 % in 2007.
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