24^th World Congress On Pharmaceutical Research and Drug Discovery

World pharmaceutical market is worth US$300 billion a year, a figure expected to rise to US$400 billion within three years. The pharmaceutical industry is responsible for the development, production and marketing of medications. Thus, its immense importance as a global sector is evident. More than any other industry, the pharmaceutical sector is highly dependent on its research and development segment. Pharmaceutical companies invest 20 percent and more of their revenues in R&D measures. The United States is a traditional stronghold of pharmaceutical innovation.

 

The worldwide revenue of the pharmaceutical market from 2001 to 2014 was around 390.2 billion U.S. dollars. Ten years later, this figure stood at almost one trillion U.S. dollars. In 2008, global pharmaceutical revenue came to some 712 billion U.S. dollars based on quarterly exchange rates. Six years later, total revenues of the pharmaceutical market stood at almost 940 billion U.S. dollars worldwide.