Study Predicts Growth in Israeli Pharmaceuticals
Israel's pharmaceutical market will grow by $28 billion over the next four years, according to a recent market study conducted by Business Market International. The compound annual growth rate is predicted at 3.2%.
BMI predicted that much of the growth would be in the generic drug sector. This is expected to be true in Israel as well as America. In Israel, sales of patented drugs are expected to drop from almost 55% of total drug sales to 44.8%.
Total drug consumption will increase in the United States, BMI predicts. By 2014, the US will spend 0.65% of its GDP on medicines, or $227 per capita.
Patented drug sales may increase in the long term as pharmaceutical companies invest in research and development. Biotechnology in particular shows promise, the survey said.
Israel's pharmaceutical industry has remained strong despite the global economic downturn in recent years. Drugmaker Teva, known for its generics, showed a 16% increase in sales in the first quarter of 2010 compared to the first quarter of 2009.