Asia: Pharma’s New Centre of Gravity
Asia is poised to become the biggest pharmaceutical market in the world. The increasing amount of R&D and manufacturing that are migrating to Asia are fueling the region’s dynamic growth both as a base to serve the global healthcare market, and as a market in its own right.
According to a report by PricewaterhouseCoopers, not only is Asia set to be the largest pharma market globally, but many Asian territories will be powerhouses of the industry. In Southeast Asia, governments are taking aggressive steps to develop and further improve their pharmaceutical manufacturing industries. Local manufacturers, together with regulators, have been investing in upgrading the industry to ensure it meets international requirements in terms of GMP standards.
Frost & Sullivan forecasts that the global branded pharma and biotech industry will generate nearly $1.1 trillion in revenue by 2015. Amid Asia’s strong economic growth, coupled with greater access and demand for healthcare, the prospects for pharma manufacturers in the region look overwhelmingly positive. According to the IMS Consulting Group, the region’s pharma market is expected to reach $350 billion in 2016, comprising 30% of the global pharma market and driving close to 50% of global, incremental growth through 2016.
Without a doubt, Asia will lead the growth of the global pharmaceutical industry. Alongside this trend, PharmaAsia – the authoritative source of information for pharmaceutical manufacturers – will continue to provide the most compelling and in-depth industry information about the latest trends and technologies of all aspects in drug manufacturing to empower readers to make informed business decisions in tapping market opportunities that Asia has to offer.