A growing prevalence of the disease, universal coverage, and easy access to healthcare establishments. Are boosting the UK healthcare system. But the increasing use of generic versions and government cost-cutting measures are limiting future growth. According to research and consulting firm GlobalData.
According to the company’s most recent report, the UK pharma market was at $24 billion in 2012. And is $31.7 billion by 2020, at a CAGR of 3.5 percent. Central Nervous System (CNS) drugs, as well as respiratory and cardiovascular system drugs, dominated the market in 2012.
The medical device market is at a CAGR of 4.8 percent. From $12 billion in 2012 to $17.5 billion in 2020. Ophthalmic devices ($1.4 billion), orthopedic devices ($1.4 billion), and wound management ($1.1 billion). Cardiovascular devices ($1.1 billion), & drug delivery devices ($1 billion) had the largest market shares in 2012.
According to Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics. The UK’s medical device market is to grow significantly in the near future. Due to the availability of reimbursement, advancements in healthcare technology, and growing disease awareness allowing for early diagnosis. Furthermore, structural changes in the healthcare system. Adequate infrastructure, and easily accessible healthcare facilities. And a simple reimbursement process are ensuring a favorable healthcare landscape in the UK.
Where does the UK get its pharmaceuticals from?
90% of medicines in the UK are imports, and 45 percent of those medicines originate in the EU. Businesses found it difficult to plan for uncertainty & needed at least two years to come up with a new supply system with both the MHRA and other stakeholders after the UK left the EU in March 2019.
Johnson & Johnson
Who is the biggest pharmaceutical company in the world?
The giant in the pharmaceutical & consumer goods industries has a market cap of $428.7 billion. They created the third vaccine that was approved for use in the United States, and in 2021 they were listed as one of TIME’s 100 Most Influential Companies.
In the fields of oncology, immunology, viral infections, ophthalmology, and neuroscience, this Swiss pharmaceutical giant is a leader. In 2019, Roche’s pharma segment sales increased by a healthy 16 percent to $53 billion.
Pfizer fell in the rankings to the 3rd spot despite being the top producer of COVID-19 vaccine in North America. The company has recently picked up steam, particularly in the most recent quarter, as evidenced by Q2’2021 revenues of $19.0 billion, representing an operational growth of 86 percent from 2020.
Eli Lilly has also taken an important step towards constructing itself as a pharma leader. Moreover Eli Lilly’s market cap increased from $125 billion in 2019 to $214.9 billion in 2019, a significant increase of 72 percent.
Novartis, the second-largest pharmaceutical company based in Switzerland, has also dominated the pharmaceutical sector for about 25 years. Over $48 billion in revenue was generated by the main supplier of the most well-known medications on the market in 2020, an increase of 3% from the previous year.
Is UK good for pharmaceutical industry?
The pharmaceutical market in the United Kingdom, which also accounts for about 2.5% of global pharmaceutical sales, is one of the top 10 national markets in the world.