World pharmaceutical market

Norwalk/USA – According to a report from Business Communications Company (“B-191 World Pharmaceutical Market”), the world pharmaceutical industry stood at $541.0 billion in 2002, with 8% year-on-year growth. The world’s per-capita spending on pharmaceuticals has increased steadily from $72 in 2000 to $87.1 in 2002. The industry is comprised of four major sectors: ethical, generic, OTC and biopharmaceutical. Ethical pharmaceuticals account for 74% of the total world pharmaceutical market. The sector is growing at double-digit rates but is under increasing pressure owing to the strong competition from generic and biopharmaceutical sectors. The ethical sector is increasing by relying on blockbusters and innovative medicines to drive its growth. Life-style diseases will continue to drive the growth of this sector.

The change in the life-styles would fuel demand for cardio-vascular agents, CNS (central nervous system) and alimentary/metabolism products. The generic pharmaceutical sector currently valued at $30.5 billion, holds 6% of the total world pharmaceutical market. This sector is expected to increase its penetration in the world pharmaceutical market to 7% by 2008. The sector’s growth will continue to be fueled by patent expirations worth $80 billion through 2010. Increasing health awareness, patent expiration, and increasing marketing activities by the OTC manufacturers have fueled the growth of the OTC pharmaceutical sector. The OTC pharmaceutical sector is valued at $73.8 billion and is expected to reach $101 billion by 2008. Biopharmaceuticals are an increasingly becoming popular mode of treatment owing to their efficacy and ability to treat hard-to-treat conditions. The sector is currently valued at $31 billion and is growing at double the rate of the ethical sector.