12/11/2023 0 Comments Biggest exporter of medicine in worldYou can also take a look at the 25 Biggest Pharmaceutical Companies in the World here. There are a number of notable companies operating in the industry, such as Moderna, Inc. These examples only highlight the importance of research and development in the pharmaceutical industry. Meanwhile, any form of pandemic influenza can cause a yearly economic loss of $500 billion. ![]() In addition to this, tuberculosis (TB) has the power to cause an economic loss of $1 trillion by the end of this decade. According to experts, this number could double by 2050. Every year, AMR is responsible for 1.27 million deaths globally and plays a part in the deaths of five million people globally. According to IFPMA, Antimicrobial Resistance (AMR) in the form of drug-resistant superbugs could cause an annual economic loss of $3 trillion globally down the line. The industry needs to continue investing actively because new threats are emerging daily. Since 2015, the pharmaceutical industry has spent more than $1 trillion on the development of new drugs. The R&D spending of the pharmaceutical industry is 8.1 times higher than the R&D spending of the aerospace and defence industry, 7.2 times higher than the R&D spending of the chemical industry, and 1.2 times higher than the spending of the software and computer services industry. The pharmaceutical industry is a research-intensive industry as compared to other high-tech industries. According to the Geneva, Switzerland-based trade association, there are over 9,000 compounds that are currently under production worldwide. The International Federation of Pharmaceutical Manufacturers & Associations ( IFPMA) believes that the biopharmaceutical industry is responsible for a total contribution of $1.84 trillion to the global economy and provides employment to 5.5 million around the world in the fields of research and development (R&D), manufacturing, distribution, and other functions. Furthermore, the emergence of biosimilars, primarily due to exclusivity losses, is expected to provide the pharmaceutical industry with a tailwind of $140.7 billion in the next five years. Interestingly, the USA also leads the list of top pharmaceutical-importing countries, highlighting its significant role in the global pharmaceutical market.Ĭonsumption of medicine doses is expected to rise to around 3.4 trillion in 2027, which would reflect an 8% increase from the levels in 2022. Some experts even consider it the best country for the pharmaceutical industry due to the advancements in technology taking place in the country. The United States of America (USA) has the distinction of being the largest producer of medicines in the world. On the other hand, North American and European markets have matured and will experience low growth during this period. Some countries in Asia, such as India and China, are also among the top Active Pharmaceutical Ingredients (API) manufacturing countries. ![]() These countries are experiencing healthy growth in population along with improved access to healthcare. The growth is expected to be driven by developing countries belonging to Asia, Africa, and Latin America. This expansion would reflect a compound annual growth rate (CAGR) of 5.7% during the forecast period. ![]() ![]() The global pharmaceutical industry is forecasted to grow from $1.4 billion in 2022 to over $2 billion by the end of 2028. If you want to skip our detailed analysis of the pharmaceutical industry and emerging trends, go directly to the Top 5 Medicine Producing Countries in the World. In this article, we will be covering the top 16 medicine producing countries in the world.
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