Israel’s pharma market will grow to over $2.3 billion by 2020, report
Israel’s pharmaceutical market value will increase from around $1.9 billion in 2013 to $2.34 billion by 2020, driven by medical technology advances, high R&D expenditure and a robust economy, according to new research.
The latest report from research and consulting firm GlobalData states that this rise, which represents a modest compound annual growth rate (CAGR) of 2.8%, will occur in a country with high levels of generic production and pharmaceutical exports.
Israel is home to Teva Pharmaceutical Industries (NYSE: TEVA), which is one of the world’s largest generics manufacturers and exporters. The country’s entire pharmaceutical exports were worth about $7.1 billion in 2013, more than four times the value of its imports, which was just over $1.7 billion.
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