Strong Life Sciences Sector Will Drive UK Pharmaceutical Market to $43 Billion
The pharmaceutical market in the UK is set to grow from $28.8 billion in 2015 to approximately $43 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 8.4%, driven primarily by a robust life sciences industry, according to research and consulting firm GlobalData.
The company’s latest report, CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – UK, states that the UK’s life sciences sector consists of just under 5,000 companies that develop, produce and market products and services in the pharmaceutical, medical device, and biotechnology markets.
Adam Dion, MSc, GlobalData’s Senior Industry Analyst, says the pharmaceutical sector is one of the most dynamic industries in the UK and is a major contributor to the country’s economy.
Dion explains “The pharmaceutical industry was the sixth largest contributor to the UK’s balance of trade, contributing $46.9 billion (£32.4 billion) to the economy in 2014, according to the Association of the British Pharmaceutical Industry. Research and development investment reached $5.9 billion (£4.2 billion) in 2013 in the UK, and the industry employed more than 68,000 staff, including 23,000 scientists and doctors.”
GlobalData’s report also states that the UK’s universal healthcare coverage and easy access to healthcare services, along with increasing rates of disease, have provided the necessary momentum for pharmaceutical market growth.
Dion continues “The National Health Service (NHS) provides the UK with a robust healthcare system available to the entire population. This universal access to services means that the region incurs comparatively high healthcare costs, with expenditure in this area accounting for 8.6% of the GDP in 2012.”
This report provides analysis of the pharmaceutical market landscape in the UK, and the impact of the current and emerging market access strategies used by the pharmaceutical industry for new and existing drugs. It discusses the regulatory requirements, key health insurance trends, government healthcare policies, and general industry trends. It was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries. For more information, please contact our Press Office on +44 (0)161 359 5822 or at pr@globaldata.com. Gain access to our latest press releases and expert analysis on developments in your industry. Subscribe to our RSS feed for the Pharmaceuticals industry, follow our LinkedIn Pharma Showcase Page, or connect with us on: Facebook | LinkedIn | Twitter.
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