The US is on track to make $300m a day in revenue from drug sales this year from its pharmaceutical manufacturing sector, according to a report from the US Chamber of Commerce.
Glenmark Pharmaceuticals, for example, reported that its sales of Pfizer’s cholesterol drug rivastigmine increased by nearly 30 per cent in the first quarter.
Inovio Pharmaceuticals reported that sales of its anti-cancer drug GlaxoSmithKline’s paracetamol increased by more than 40 per cent.
The US is now the fourth largest pharmaceutical market in the world, with about a billion people, according the Chamber.
But US firms are not just the biggest.
Their sales of the rest of the world is growing.
While US pharmaceuticals make up only 2 per cent of global sales, they account for almost half of global revenue, according a recent report from consultancy Gartner.
Gartner estimated that sales in the US will grow from $11.4bn in 2015 to $17.7bn in 2020, with annual growth of 5.2 per cent from 2020 to 2060.
Australia, New Zealand and Canada are also expected to see growth in their sales of US pharmaceutical products.
Meanwhile, China and India are expected to take up the bulk of the growth in US pharmaceutical sales, with China estimated to make up around 60 per cent, according Gartners.
Overall, China accounts for more than 50 per cent to 60 per per cent (of global pharmaceutical sales) of all pharmaceutical revenue.
That means Chinese pharmaceutical firms are on track for a whopping $1.5tn in revenue in 2020.
For the first time in its history, China will overtake the US in global pharmaceuticals revenues, accounting for nearly 80 per cent ($1.4tn).
But the US has a long way to go to match China’s growth.
Although Chinese pharmaceuticals revenue will surpass US revenues in 2020 and 2021, US pharmaceutical companies will still account for only around 70 per cent or less of all global pharmaceutical revenues.
By contrast, China is expected to surpass the US and Europe in global revenue by 2024, and China is forecast to be the second largest market in 2020 with $1tn of annual revenues, up from $600m in 2020 according to the OECD.
Despite its massive pharmaceutical industry, the US remains far from the top of the global pharmaceutical market.
It accounts for just under 15 per cent market share of global pharmaceutical revenue, and accounts for less than 15 per per on its gross domestic product.
As a result, US firms account for just over 40 per on their gross domestic products (GDP), according to Garters estimates.
India, which has one of the most efficient drug production and distribution systems in the developed world, is forecast by Gartians to overtake the United States as the world’s second largest pharmaceutical firm in 2020 by $500m.
Germany, which is the world leader in pharmaceuticals production, accounts for around 30 per on the global market.
It will account for nearly 50 per on GDP, according TOEFL tests.
And Japan is expected by GArtians to eclipse the United Kingdom as the second-largest pharmaceutical firm by 2020 by more then $1bn, with a market capitalisation of $831bn.
China, which accounts for roughly 20 per on global pharmaceutical firms, will surpass the United Arab Emirates as the third largest pharmaceutical company by 2020, according reports by GART.
Other nations, including the United Nations, have also said they are prepared to cut their prices of drugs if prices rise.
At the same time, the United Federation of Trade Unions (USFTU) has said it is prepared to negotiate a global deal on global drug prices, but has been unable to agree a deal.
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