Warren Research Corporation is a Canadian BioTech Market Research Firm
The global pharmaceuticals market is experiencing constant growth due to the worldwide increase in life expectancy, as well as the increasing incidence of chronic and infectious diseases. The steadily increasing demand for innovative drugs has thus triggered a significant rise in R&D investments in the pharmaceuticals industry. Leading industry players allocate around 20% of their turnover to R&D to maintain a competitive edge. The emergence of biopharmaceuticals has opened a new arena for drug discovery; and breakthroughs in the fields of proteomics and genomics have also enabled drug manufacturers to develop more effective drugs and therapies. While the industry has begun attracting significant public funding and tax exemption, it still faces the challenges of short product lifecycles and of developing blockbuster drugs. The pharmaceuticals industry is dominated by the U.S., which holds around 45% of the global market share. However, the markets in emerging economies like in China and India are expected to show a double digit growth. This is because global pharmaceutical giants are increasingly outsourcing R&D to lower costs and to take advantage of the scientific work pool in these nations.
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