Pharmerging Markets refer to those emerging pharmaceutical markets which probably have absolute spending growth of over USD 1 billion and GDP per capita less than USD 25,000 at purchasing power parity. The global pharmerging market is expected to grow at an estimated CAGR of approximately 11% over the forecast period.
Factors such as rising population due to low infant mortality rates and focus on developing innovative drugs are expected to boost the growth in pharmerging market. Amongst the 17 emerging countries in pharmerging market, China, India and Russia are projected to hold a significant share of the market.
Sales in matured markets such as the U.S, Europe, Japan, Canada and the U.K are anticipated to slow down due to patent expirations and prevalence of low-cost generic drugs. As patents expire, major players are expected to bring in new products to maintain and even expand their market share. This factor is likely to drive the pharmerging market. The launch of innovative products for diseases such as lupus, diabetes, arrhythmia, melanoma, prostate cancer, osteoporosis, etc. will probably influence the market trends.
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Macroeconomic factors expected to influence pharmerging market growth include greater awareness about drugs in semi-urban and rural markets, epidemiological changes coupled with age-related disorders, rapid development in the private hospital industry. Also, increased government expenditure in the healthcare industry is expected to drive pharmerging market over the forecast period.
The Russian market is likely to be very volatile, due to the presence of price control on essential drugs. Also, a policy such as substitution of imported drugs with locally manufactured equivalents is likely to pose a challenge to major players.
Major players in pharmerging markets are AstraZeneca, Sanofi, Merck, Pfizer, GlaxoSmithKline, Novartis, Abbott Laboratories, CSL Behring, Johnson &Johnson, Sun Pharmaceutical, Aspen, Teva Pharmaceutical, Bayer, Valeant Pharmaceutical, Biogen, Baxter, STADA, Mylan, Takeda Pharma, Alexion Pharmaceuticals, Endo Health Pharmaceuticals, etc.
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