Japan’s pharmaceutical market value is set to grow at a tepid Compound Annual Growth Rate (CAGR) of 1.3% from $72.8 billion in 2013 to reach $79.8 billion by 2020, driven by new product launches and the healthcare burden of the country’s aging population, according to research and consulting firm GlobalData.
Reportstack’s latest report states "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape-Japan" that the Japanese government’s promotion of generic drugs, its biennial pricing review system and the depreciation of the yen against the dollar will be limiting factors in what is the second largest mature pharmaceutical market in the world by value.
The market was valued at $64.2 billion in 2008 and peaked at $88 billion in 2011, before a slight dip to $87.2 billion in 2012. A substantial drop in 2013 saw its value decrease by over $14 billion, but GlobalData expects a steady period of recovery to follow.
“Deregulation measures introduced in April 2005 have had an impact on overall market performance and more efficient drug reviews have facilitated the entry of new products.
“The approval process has now caught up with that outside of Japan, as highlighted by two approvals for Bristol-Myers Squibb, the Daklinza (daclatasvir) and Sunvepra (asunaprevir) dual regimen for hepatitis C, and Opdivo (nivolumab) for melanoma, prior to their approval by the US Food and Drug Administration.”
“In 2008, generics accounted for 19% of the pharmaceutical space in terms of volume, rising to 25.2% in 2013. Japan has set a goal for generics to account for 60% of all drug use by 2017.
“To this end, the Ministry of Health, Labor and Welfare announced new price cuts in 2013 for drugs with generic replacement of less than 60%, a move which is likely to limit future growth in the pharmaceutical arena.”
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Reportstack Market Research
Reportstack is one of the leading distributors of market research reports in the world today. We host more than 200,000 research products from the world's top publication houses. These publications are distributed amongst 12 top industry verticals and 62 sub verticals, which are then further classified into 257 business categories and 5000 micro markets. The vast selection criterion provides granular data from the length and breadth of all these industries delivering Reportstack members with cutting edge research products to facilitate strategic business decisions.
Contact:
Debora White
Manager - Marketing
debora@reportstack.com
Ph: +1-888-789-6604
Reportstack Market Research
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