The advent of new technologies and breakthroughs has led to a significant transformation of the pharmaceutical landscape. The market will likely exceed $1 trillion by 2023 due to thousands of compounds currently in the last phases of clinical development and hundreds of new medicines expected to be approved in the upcoming years.
Increasing R&D activities and drug approvals make the industry’s growth prospects bright. Furthermore, the increasing prevalence of chronic diseases and the aging population should drive the industry’s growth. Pharmaceutical spending per capita in the United States stood at around $1,310 in 2021, significantly higher than other developed countries.
