Report: Israel's pharma market set to reach $2.3 billion by 2020

Technological advances in the medical field, high expenditure on R&D and a robust economy provide the building blocks for the growth of the Israeli pharmaceutical market.

During the 2008-2013 period, the Israeli pharmaceutical market increased at a compound annual growth rate (CAGR) of 3.0%. It was worth $1.7 billion in 2008, and is projected to reach around $2.3 billion by 2020 at a CAGR of 2.8% (AESGP, 2013), according to a new report, CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Israel 2014, added to the offerings of RnRMarketResearch.com.

The Israel pharmaceutical sector is the largest and most established sector of the Israeli life science industry. It has a total of 76 companies, with 22% involved in drug discovery and 17% in drug delivery. Israel is one of the major markets in terms of health care and pharmaceuticals in the Middle East. It is also the location of the headquarters of Teva Pharmaceuticals Industries (NYSE: TEVA), which is one of the largest manufacturers and exporters of generic pharmaceuticals and active pharmaceutical ingredients (APIs) in the world, the report notes.