According to IMS Health’s 2008 “Global Pharmaceutical Market and Therapy Forecast,” the global pharmaceutical market will grow 5%–6% in 2008 to total $735–$745 billion. This is down from the 6%–7% growth forecasted for 2007. One of the most notable developments in 2008 will be the rise of the so-called “pharmerging” markets: China, Brazil, Mexico, South Korea, India, Turkey and Russia. These markets are expected to grow by 12%–13% next year, making for $85–$90 billion in sales. Sales in the US and the five largest European markets are expected to grow between 4% and 5%, an all-time low for the US. The Japanese pharmaceutical market is forecasted to grow between 1% and 2%, down from 4%–5% growth in 2007. Sales of generics are expected to rise by 14%–15% to more than $70 billion. More than two-thirds of all prescriptions written next year in the US will be for generic drugs, and government contract initiatives and educational programs are expected to drive generics sales in Germany, Spain, Italy and Japan.

Source: IMS Health