The Germany pharmaceuticals market size is expected to reach USD 65.9 billion by 2027, expanding at a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Factors such as the rising prevalence of acute and chronic diseases and increasing R&D expenditure by pharmaceutical companies are expected to drive the market.
Furthermore, rising clinical trials and approval of novel immune-suppressive therapies are anticipated to propel market growth. For instance, in June 2020, Sandoz International GmbH launched Dailiport capsules (generic tacrolimus) in Germany and other European countries. Dailiport capsules are indicated for adult kidney and liver transplant patients.
In addition, the export of pharmaceutical products by pharmaceutical companies in Germany to various countries is expected to fuel market growth. For instance, according to Germany Trade and Invest, in China, 22.0% of imported pharmaceutical products are from German companies.
Key players entering into strategic initiatives such as partnership, licensing, acquisition, and collaboration to expand and strengthen their regional presence is expected to boost the market growth. For instance, in November 2019, Bristol-Myers Squibb Company acquired Celgene Corporation. This acquisition was aimed at helping the company expand its oncology portfolio worldwide and develop innovative medicines.
In addition, rising funds by organizations for the development of pipeline drugs are anticipated to accelerate market growth. For instance, in January 2019, Atriva Therapeutics GmbH closed its series A financing led by Meneldor and High-Tech Gründerfonds GmbH (HTGF) for its lead drug candidate ATR-002. This drug candidate is developed against influenza infection and other respiratory infections.
Various other organizations, such as the European Cancer Organisation (ECCO), European Cancer Patient Coalition (ECPC), and European Organisation for Research and Treatment of Cancer (EORTC) provide funds for cancer research programs and treatment plans.
Furthermore, increasing the availability of generic drugs at a lower price is expected to boost the market growth. For instance, in July 2019, Sandoz of Novartis AG launched a generic version of gefitinib for locally advanced or metastatic NSCLC. The launch of the generic version is estimated to increase the number of patients treated due to the favorable cost of the drug.
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