MarketResearchReports.biz has announced the addition of a new research report that conveys essential information on the changing contours of the global pharmerging market and its future prospects. As per the IMS, pharmerging refers to market or countries that have a minimum per capita GDP of US$25,000 and over US$1 billion spending growth between 2012 and 2016. There are overall 21 countries that fulfil the criteria. According to IMS, together they will likely generate US$187 billion in annual sales in the global pharmaceutical market from 2012 to 2017. This figure accounts for two third of the global pharmaceutical market growth. The BRIC nations of Brazil, Russia, Indian and China are slated to dominate the pharmerging market.
The report, titled, “Global Pharmerging Markets 2017-2021,” finds that the market is primed for exponential growth on account of a number of factors. One such factor is the strong focus on biosimilars in potential areas. As most patents expire for originator biologics, pharma companies are increasingly focusing on duplicate copies of those called biosimilars. The availability of cheap manufacturing resources such as land and labor has made the pharmerging market a crucial option for development of the biosimilars.
The IMS has segmented the pharmerging markets into tier 1, tier 2 and tier 3 markets. Tier 1 pharmerging market is comprised of China which is considered a leading pharmaceutical market in terms of growth. This is on account of the increasing spending on healthcare by the government of China, policy support for stemming chronic diseases, and measures to reduce costs of drugs. Tier 2 includes countries of Russia, India, and Brazil, and whose pharmaceutical market is slated to be boosted by increasing government healthcare expenditure, rising incomes of people, easy availability to medicines, a burgeoning aging population, and rising prevalence of chronic diseases. The remaining 17 countries, which are again bifurcated depending on the average per capita spending on pharmaceuticals, fall under the ambit of tier 3 category.
The spending in the pharmerging market is predicted to rise at a CAGR of 12% to 15% which in turn will fillip the market. A noticeable trend in the market is the increasing mergers and acquisitions among big players which will likely propel the market even more in the years to come. Prominent international players are also investing in research or manufacturing facilities in these countries. A factor serving as a bottleneck is the pressure on the big players to reduce their prices to ensure sale of their products in local market.
Johnson & Johnson, Boehringer Ingelheim Pharmaceuticals Corporation, Abbott Laboratories, Sanofi S.A., Novartis International AG, Bayer HealthCare AG, Pfizer Inc., Bristol-Myers Squibb Co, Novo Nordisk A/S., Merck & Co Inc., and GlaxoSmithKline plc. are to name a few prominent players operating in the pharmerging market.
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