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The Spanish pharmaceutical market is expected to rise slightly from $23.7 billion in 2016 to $25.1 billion by 2021, indicating a 1% increase, according to research and consulting firm GlobalData.
GlobalData’s latest report explains that the introduction of tax incentives for R&D spending by the Spanish government has softened the effect of austerity measures introduced in 2010, allowing the pharma industry to see recovery.
The driving forces for growth in the market include the consolidation of the biotechnology sector, government support, infrastructure for innovation, a qualified workforce, and a favorable cost benefit ratio of human capita. Additionally, the aging population will play a considerable role in Spain’s healthcare sector to 2021.
Presently, the introduction of tax incentives and a sturdy R&D infrastructure indicate that demand for innovative medicines is aiding the Spanish pharma market. The tax incentives meant that the pharmaceutical industry invested $1.2 billion in R&D in 2015.
For more information, view the report here.