After a lull, Spain's pharma market set to show signs of stability, report

4 May 2017

The Spanish pharmaceutical market is set to see a slight rise in value from $23.7 billion in 2016 to $25.1 billion by 2021, registering a compound annual growth rate approaching 1%, new research shows.

According to research and consulting firm GlobalData’s latest report, the introduction of tax incentives for R&D spending by the Spanish government has assuaged the effect of austerity measures introduced in 2010, allowing the pharmaceutical space to see some recovery.

Driving growth factors for the market include the consolidation of the biotechnology sector, government support, infrastructure for innovation, a highly qualified workforce and a favorable cost benefit ratio of human capita. The aging population will also play a significant role in driving Spain’s healthcare sector to 2021.

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