The pharmaceutical market has grown during the past five years, owing to a burgeoning elderly population and an increased demand for prescriptions boosted by a rising middle class. In the five years to 2019, industry revenue is anticipated to grow at an annualized rate of 3.7 percent to $1.4 trillion. In 2014, this growth rate was 7.5 percent. According to the World Health Organization, one-third of this market is currently controlled by the 10 largest drug companies in the United States and Europe.
To remain competitive, companies are under increasing pressure to innovate, introduce new products quickly, clearly demonstrate the efficacy and safety of those products and market them effectively. And they must accomplish all of this in an intense regulatory environment and in a global economic climate that remains unpredictable.