Once recession-proof US pharmaceutical feeling impact of economic downturn
The US prescription pharmaceutical market was valued at $279 billion in 2009, with an annual growth rate of 5.5% between 2008 and 2009, having grown at a compound annual growth rate of 5.0% between 2005 and 2009. However, future sales growth will be shaped by three key events: the US recession, health care reform and the patent cliff, according to a new analysis from analysts at Datamonitor.
The once recession-proof industry is now feeling the impact of the economic downturn. As a result of rising unemployment and the number of uninsured, individuals now face difficult health care decisions. Action taken by the US government as part of the reform package to offset the growing health care burden will also impact Pharma.
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