Worldwide Pharma Market "Will Grow 7.1% A Year To 1999"

The world pharmaceuticals market, numbering 234 countries in 11 major regions, will grow at a compound annual growth rate of 7.1% during 1995-99, from $247.9 billion in 1994 at manufacturers' selling prices to $342 billion by 1999, says a new study from the IMS Pharma Strategy group.

It says the world market CAGR for 1990-94 was 10.1%, with rises of 12.8% and 15.9% reported for 1991 and 1992 respectively, but then slowing down to 4.9% in 1993 and 7.3% in 1994. This was mainly due to cost-containment measures exerted on the industry, with greater emphasis on demandside controls. But growth was not slow everywhere during 1990-94; the South-east Asian market grew 9%, led by South Korea, Taiwan and Vietnam. China is expected to grow 16.7% by 1999.

1995 world growth will be only 4.5%, says IMS, but as the world economy improves and the benefits of global trade agreements start to come through, advances of 5.1% in 1996, 8.6% in 1997, 7.3% in 1998 and 7.5% in 1999 are forecast.