By LISA KOH-JIN-SEY, JERUSALEM POSTThe world’s pharmaceutical industry is on the march.
In a world of rapidly growing pharmaceutical production, it’s no wonder that the pharmaceutical companies have been making a comeback in Asia.
Korea is now the largest pharmaceutical market in the world, with pharmaceutical sales up almost 40 percent in the past five years, according to Euromonitor.
And it’s not just the Korean companies that are making big gains.
The pharmaceutical industry in the United States has also been picking up steam in recent years.
Since the financial crisis of 2008, the pharmaceutical industries have been hit by two factors: the recession and a slowdown in the global economy.
But now, thanks to the economic recovery, the global pharmaceutical industry appears to be on a strong footing, says Rakesh Kumar, president of the American Academy of Pharmaceutical Industry.
The number of pharmaceutical companies in the U.S. jumped from 3,300 in 2012 to nearly 9,600 today.
That’s the biggest increase in more than a decade, according a report by the consulting firm Avalere Health.
It is an impressive achievement for a country that had to contend with the Great Recession, but it’s far from the only reason why the pharmaceuticals industry has rebounded.
In the Middle East, the U, UK and China have all seen an increase in pharmaceutical sales in recent decades.
But in the Asian market, it has been a different story.
China’s pharmaceutical companies are making more money than they were even a few years ago.
In the Middle Kingdom, the Chinese government has also invested heavily in developing and launching new drugs, which has made it easier for the drug companies to sell their drugs in the region.
In Europe, there is a similar trend.
In Europe, the number of companies in pharmaceuticals has doubled over the past decade.
But the pharmaceutical sector is still struggling.
“The pharma industry has always been underperforming globally,” says Ramesh Mhatre, senior director of the Global Health and Pharma at IHS Markit.
But it has shown great resilience in recent times.
“In the last five years or so, the industry has made great gains,” he says.
In China, for example, the market is growing faster than in the Middle Eastern market.
Mhatre says that, for the most part, the pharma companies have done very well in China.
But there have been some companies that have struggled in the country.
For example, China has an aging population and the government is concerned about the drug supply chain.
“This is a place where you have to be careful with the medicines that you use,” says Kumar.
“You have to look at the risk profile.”
The future is bright for the pharmaceutical business in ChinaThe pharmaceutical industry has shown remarkable resilience.
In recent years, the country has witnessed a huge boom in drug sales.
China now accounts for over a quarter of all global pharmaceutical sales, with a projected increase of about $1.2 trillion by 2020.
“It’s not as if there hasn’t been a lot of changes in China’s economic landscape, but China is now growing at a very rapid pace,” says Mhatres.
And China has shown tremendous resilience.
According to the IHS Global Insight report, China accounted for almost a third of all drug sales growth in the last decade, and it is projected to be a key market for the industry in 2020.
China also boasts the second largest economy in the World behind the United Kingdom.
China is projected as a key growth driver for the world’s biggest pharmaceutical company, Pfizer.
China is now a leader in the pharmaceutical market because of its large population and rapidly growing middle class, which is largely comprised of young professionals.
It also has a relatively small pharmaceutical industry, which means that it is less dependent on the Middle Kingdoms or developing countries.
In fact, China’s overall pharmaceutical market has grown in real terms by almost 50 percent since the early 1990s.
The growth has also taken place in areas that have historically seen a decline in pharmaceutical companies.
For instance, the growth has been driven by the global rise of generics and the rise of new pharmaceuticals.
“When I first started working in China, the largest pharma company was Janssen,” says Gao Yu, CEO of the global medical research company Jansson, Inc. “That company was down in the middle of nowhere.”
But that company closed its doors in 2011 and moved into a new location in Shenzhen.
In 2016, the China Pharmaceuticals Association started an initiative to build a pharmaceutical innovation hub in Shenzen, which will serve as the center for global pharmaceutical innovation.
This hub, which would have a total area of almost 20 million square meters, will be a hub for the creation of new drugs and new products.
The initiative will be financed by the China Medical Research Institute, the National Science Foundation and the China Academy of Sciences.