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The French pharmaceutical market is forecast to grow at a "tepid" CAGR of 0.7% from $46.2 billion in 2014 to $48.2 billion by 2020, according to GlobalData.
The French pharmaceutical market is forecast to grow at a "tepid" CAGR of 0.7% from $46.2 billion in 2014 to $48.2 billion by 2020, according to a report from research and consulting firm GlobalData. Growth will be restricted by the increasing focus on generic drugs.
France was a relatively late entrant to the generics market compared to the UK and Germany. The report highlights that, in 2008, generic drugs accounted for only 21.7% of France's pharmaceutical market in terms of volume. This figure had increased to 30.2% by 2013.
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, commented: “While patented drugs dominate France’s pharmaceutical market, the volume of prescribing attributed to generic drugs will shift closer to levels seen in the rest of Europe, restricting French market growth.
However, Owide adds, a number of factors, including an aging population, tax incentives, a substantial skilled workforce and high public healthcare expenditure, will serve to boost France's pharma market.
“Additionally, numerous incentives, such as the abolition of corporate tax and the Research Tax Credit to support research and development, are enhancing the competitiveness of healthcare enterprises and will help to sustain the pharmaceutical market.”
Further further information, visit GlobalData.