25. May 2012 12:42
The UK pharmaceutical market is expected to experience slight growth over the next five years, a report predicts.
Research from IBISWorld found that until 2017-2018 the industry is predicted to post annual revenue growth of approximately 1.8%.
Arna Richardson, IBISWorld industry analyst, said the UK pharmaceutical market is “particularly important” to the national and global economy.
The report found the UK is the eighth-largest pharmaceutical market in the world. It also plays a vital part in the UK’s economy being the third-largest contributor to economic growth.
IBISWorld forecast that revenue will be around £18.9 billion in 2012-2013 – a 2.7% increase on the year before.
However, the combination of intensifying global forces and growing internal pressures due to the fallout from the NHS reforms will be translated into further pressure over the next five years and stunt growth.
Pharmaceutical companies will also have to contend with a wide assortment of issues, the report warns, as they adapt to the changing economic and operating environments in the UK.