Pharmaceutical firms will need to adjust their business model towards providing complete treatment solutions that combine personalised medicines and services. Key Findings • At approximately $5.4 trillion today, the pharma industry is around 30% larger than previously Top growth drivers in the pharmaceutical fine chemicals market including the growth of the pharmaceutical industry, number of patent expiries, new drug approvals, and growth of biologics are covered in the blogs from SpendEdge. PharmaVentures will also share unique insight gained from the divestment of manufacturing operations for some … Innovative products are the drivers in pharmaceutical industry growth, but payer requirements and reimbursement levels will determine the extent to which product innovation will be rewarded. The evolution of the Indian pharmaceutical industry can be explained in terms of six broad phases, as discussed here. The pharmaceutical industry is also benefiting from the aging U.S population. The global over the counter drugs market is expected to grow with a CAGR of 8.5% during the forecasted period. It will help in achieving faster, precise, accurate, and repeatable results. This statistic shows the worldwide forecast of pharmaceutical sector growth between 2017 and 2030, sorted by select country. The pharmaceutical industry is responsible for the development, production and marketing of medications. The global pharmaceutical market will exceed $1.5 trillion by 2023 growing at a 3−6% compound annual growth rate over the next five years. Market research firm Evaluate Pharma, in its annual World Preview report, projects a global growth rate for the pharma industry of 6.3% CAGR through 2022, up from the 5% CAGR it predicted last year for the 2014-2020 period. Thus, its immense importance as a global sector is inarguable. Thus, its immense importance as a global sector is inarguable. Period up to 1947. Future of the Global Pharmaceutical Industry Torreya finds the global pharmaceutical industry is larger, innovating more rapidly, and likely to experience higher growth than previously thought. Key Findings • At approximately $5.4 trillion today, the pharma industry is around 30% larger than previously The pharmaceutical industry plays a significant role in developing medications and vaccines to reduce the incidence of diseases, to treat diseases and enhance the quality of life of people. The growth in this market is predicted on the basis of various factors like market drivers, current and upcoming trends, current growth pattern, and market challenges. However, extreme situations like prolonged recession may affect the growth rate of the industry. As per the research, the global pharmaceutical industry will we worth USD 1.57 trillion by 2023.