Decline in the global pharma market was largely due to the economic slowdown. However, the market is recovering now and the US remains at the top position globally, followed by the European Union and Japan, said the research firm.
It is expected that future growth of the industry will be propelled by the emerging markets, including the Asia-Pacific, Latin America, and Central and Eastern European markets. The research firm project that the global pharma market will grow at a CAGR of around 6.5 percent during 2011-2013.
According to the research firm, despite facing challenges, the pharmaceutical market in the developing nations is growing at a fast pace. This can be attributed to the untapped potential of nations such as, India, China, Brazil, Russia, Turkey, Poland, Indonesia, Vietnam, and others.
Considering the reform measures being taken by various countries regarding control of drug counterfeiting and trade channels, pharma giants are looking at these markets for their expansion. Besides, issues of IPR and healthcare spending are also being resolved and is expected to boost the pharma industry overall.
As part of their expansion strategy in emerging markets, big companies are opting for mergers & acquisitions of local companies. Besides, focus of the companies has now shifted to niche therapy areas and preventive medication, adds the research firm.
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