Media coverage has recently brought to the public’s attention the importance of the Pharmaceutical industry, whether it be news reporting about the NHS in the UK or the Ebola crisis that hit Africa, we are all aware of the need for life saving drugs around the globe
One of the incredible things about the Pharmaceutical industry is it can have an impact on regions of the world in diverse ways;
The Middle East can be considered the growth engine of global pharmaceutical sales, with year on year growth in revenue and a steep increase in the number of both research and production facilities. This is mainly due to the greater demand for drugs and other medical / healthcare products as governments invest massively in hospitals and medical centers due to the rising standard of living in the region as a whole.
Asia pharmaceutical industry is currently valued at over $144 Billion and estimated to grow at a rate of 10.5 % year on year – This forecast is set to make Asia’s drug manufacturer’s prominent players in the global pharmaceutical industry. India ranks as the fourth largest manufacturer of drugs and medical devises with more than 80 FDA approved facilities – the most for any country outside the USA.
For Europe the Pharmaceutical industry is a huge part of the economy, it produced an output of €220 billion and employed over 800 000 people in 2012, this is also then contributes to the EU’s trading power, having a knock on effect. In the EU alone the public spending on health accounts for more than 7% of GDP – this highlights that there will always be a need for Pharmaceuticals and it is an industry that will carry on growing.
It is estimated that by 2017 spending on pharmaceutical medicines will grow to nearly $1.2 Trillion highlighting the importance of Pharmaceuticals in every region of the world!