According to the National Association of Pharmaceutical Representatives (NAPRx), the global pharmaceutical market is expect to exceed $820 billion in 2009 growing by 4.5 - 5.5 percent. While the growth rate in established markets such as the U.S. is projected to slow due to the current economic climate and patent expirations, the pharmaceutical industry will remain an important component of the U.S. economy. Markets in Japan and the E.U. are forecast to see modest growth slightly higher than the U.S. rate. It is markets such as China, Brazil, India, South Korea, Mexico, Turkey and Russia (known as the "pharmerging markets") which are expected to increase rapidly at a combine rate of 11-15 percent, reaching $105-115 billion. These pharmerging makets are benefiting from increased government spending on healthcare and much broader public and private health care funding.
Specialty products are also expected to significantly contribute to the total market growth. These include: biologics which are expected to grow by 11-12 percent; HIV therapies projected for 13-14 percent growth; and most notably oncology products which are projected for a 15-16 percent growth.
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