With a robust economy, Israeli pharma market set to reach $2.12 billion by 2020

The Israeli pharmaceutical market is set to rise from a value of $1.75 billion in 2015 to around $2.12 billion by 2020, representing a compound annual growth rate of 3.9%.

Research and consulting firm GlobalData’s latest report states that medical technological advances and R&D expenditure in the field of science and technology are distinguishing features of the Israeli pharmaceutical market. Indeed, the pharmaceutical space is supported by a network of recognized academic and research institutes, R&D facilities, and well-developed medical centers. Israeli research expertise and clinical advances have led to the development of blockbuster drugs and promising treatments for cancer, multiple sclerosis and Alzheimer’s disease.

Despite armed conflict with neighboring Arab countries and large-scale immigration, which has placed a heavy burden on the economy, Israel is a developed, industrialized country with a small, technologically-advanced agricultural sector, a growing service sector and a substantial high-tech sector. In this way, the economy is fairly robust and presents ample opportunity for a thriving pharmaceutical sector.