The Israeli pharmaceutical market is set to rise from $1.75 billion in 2015 to around $2.12 billion by 2020, representing a compound annual growth rate of 3.9%, according to research and consulting firm GlobalData.
The company’s latest report says medical technological advances and research and development expenditure in the field of science and technology are distinguishing features of the Israeli pharmaceutical market. It also noted Israel’s competitive generic market, which will also prove lucrative during the forecast period. The country saves $500 million annually using generic medicines and generic drugs account for 15-20% of the value of sales of the marketed drugs.