DALLAS, Feb. 19, 2013 /PRNewswire-iReach/ -- Overall, as per the global pharmaceutical industry survey on buyer spend and procurement strategies, 55% of respondents are 'more optimistic' about revenue growth for their companies in 2013, due to success in clinical trials, approval and acceptance from drug authorities, an increase in expenditure from governments and a surge in sales, all of which are projected to increase the profitability of pharmaceutical manufacturing companies in 2013. The top three key expected changes for 2013 are development of new products and services, improvement of operational efficiency and 'expansion in current markets'.
Among emerging markets, China is identified as the most important region for pharmaceutical industry growth, along with Brazil and India. Presence of huge and aging population, economic development, growing public expenditure towards healthcare, government support, increasing awareness about health and fitness in public are key drivers for the growth of the pharmaceutical market in China.
Developed pharmaceutical markets such as Singapore, Taiwan, Hong Kong, the US, and South Korea are also identified as important regions for growth in 2013. The availability of a skilled workforce and the presence of logistics support, which increases connectivity to target markets within the region, positions Singapore as a strategically important link within the South-East Asia region. Moreover, Singapore acts as a significant trading base for the South-East Asian region, with low corporate taxes and strong intellectual property rights attracting companies to setup their operations in Singapore. The world's largest pharmaceutical market, the US, is expected to register minimal growth over the next five years; however, beyond 2015, a higher number of people will be insured in the US, resulting in increased drug consumption.
Executives from the global pharmaceutical industry expect to see increased levels of consolidation, with 61% of respondents anticipating either a significant increase or an increase in M&A activity in 2013. The need for new product pipelines, new product acquisition, patent expiries, cost containment, and credit availability are identified as the key drivers for increase in M&A activities in the global pharmaceutical industry. Larger companies have cash piled in their accounts books, while their product line is limited to few market leading products. These companies find it as an opportunity to acquire and leverage on promising portfolios from smaller organizations.
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