The author of the report analyzed that the global pharmaceutical market accounted for US$ 1350.29 billion in 2017. Chronic conditions such as diabetes, depression, asthma and hypertension are increasing. The companies use FDA-regulated information to inform physicians and patients about new medicines in advance of a prescribing decision. Direct-to-consumer advertising also help in increasing the demand for a particular drug.
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Growth opportunities for pharma companies are expected to increase in next few years, as many drugs are going off-patent in the US and other countries, which is increasing competition. Digital Health Knowledge Resources, Electronic Medical Record, Mobile Healthcare, Electronic Health Record, Hospital Information System and PRACTO are some of the technologies gaining wide acceptance in the sector. Pharmaceutical market is facing unprecedented challenges caused by slower sales growth, shorter product life cycles, tighter regulations, expiring patents, increasing competition from generics, adverse media coverage and reputational damage, and a decline in the number of new innovative drugs under development. However, due to increasing population and income levels, demand for high-end drugs is expected to rise. Among the drug type, prescription drug is a dominant segment holding the largest market share. Existence of government-protected “monopoly” rights for drug manufacturers is driving the prescription drugs. In 2015, the US pharmaceutical industry spent $5.2 billion on advertising prescription drugs directly to consumers.
Some of the key participants in global market are Abbott, AbbVie Inc., Albemarle Corporation, AstraZeneca, Aurobindo Pharma, Baxter, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Lupin Pharmaceuticals, Inc, Merck & Co., Inc, Novartis AG, Pfizer, Inc., Sanofi and Teva Pharmaceutical Industries Ltd.
Global Pharmaceutical Market:
By API Type
- Synthetic API
- Biotech API
By Drug Type
- Prescription Drugs
- OTC Drugs
By Customer Base Type
- Generic Drugs
- Branded Drugs
By Application Type
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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