Over the five years to 2013, the Global Medicine Manufacturing market and Pharmaceuticals manufacturing industry has enjoyed steady growth despite a number of changes to the industry's landscape. Industry revenue has grown on the back of increased access to more comprehensive healthcare in developing countries and demographic shifts necessitating more healthcare expenditure. The growing number of middle-class people around the world has also translated into a dramatic increase in demand for pharmaceuticals. Industry growth has been restrained, however, by the potent combination of a historically high level of patent expirations on blockbuster drugs, accelerating competition from generics and a depleted product pipeline with fewer new medicines making it to market. Growing price pressures from governments and health insurance organizations throughout the world has also strained the industry.
During the five years to 2013, IBISWorld estimates that industry revenue will grow at an average annual rate of 3.7% to total $1.1 trillion. In 2013, the industry will continue to be challenged by key patent expirations and continued pricing pressures amid changing healthcare access and funding issues. At the same time, emerging markets, such as China, India and Brazil, continue driving sales of pharmaceuticals. Growth from these markets is significantly exceeding growth rates in more mature markets, such as the United States and Western Europe, which have to contend with increased regulation and significant changes in healthcare policy due to various austerity measures and healthcare reforms. Overall, revenue is forecast to grow 3.4% in 2013.
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