Asia-Pacific Pharmaceutical Market

Asia Pacific is the third largest pharmaceutical market in the world after North America and Europe, with generics being the major driver for the pharmaceutical industry in this region, aided by factors such as the aging population and impending expiry of patented drugs. BMI's pharmaceutical expenditure forecasts show that, in general, developing countries will see a higher rate of pharmaceutical sales growth, while the growth for developed countries is lower. Countries that will experience strong growth include Vietnam (16.4%), China (15.0%), Sri Lanka (12.4%), Myanmar (12.2%) and Bangladesh (11.5%).
 
Pharmaceuticals mount the lion share in terms of volume, having evolved into a US $959 billion industry that generates more than 60 percent of the segment with growth expected to reach to 5.3 percent per annum between 2012 and 2017 (IMS 2013). Combined sales of prescription drugs and over-the-counter (OTC) medicines are forecast to increase from USD276.6bn in 2013 to USD384.7bn in 2018, representing a five-year compound annual growth (CAGR) of 7.0%.

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