Japan’s pharmaceutical market value is set to grow
at a tepid Compound Annual Growth Rate (CAGR) of 1.3% from $72.8 billion in
2013 to reach $79.8 billion by 2020, driven by new product launches and the
healthcare burden of the country’s aging population, according to new report.
However, the company’s latest report* states that
the Japanese government’s promotion of generic drugs, its biennial pricing
review system and the depreciation of the yen against the dollar will be
limiting factors in what is the second largest mature pharmaceutical market in
the world by value.
The market was valued at $64.2 billion in 2008 and
peaked at $88 billion in 2011, before a slight dip to $87.2 billion in 2012. A
substantial drop in 2013 saw its value decrease by over $14 billion, but
Publisher expects a steady period of recovery to follow.
Publisher’s Director of Healthcare Industry
Dynamics, says: “Deregulation measures introduced in April 2005 have had an
impact on overall market performance and more efficient drug reviews have
facilitated the entry of new products.
“The approval process has now caught up with that
outside of Japan, as highlighted by two approvals for Bristol-Myers Squibb, the
Daklinza (daclatasvir) and Sunvepra (asunaprevir) dual regimen for hepatitis C,
and Opdivo (nivolumab) for melanoma, prior to their approval by the US Food and
Drug Administration.”
Aside from wider economic factors, such as currency
exchange rates, Publisher states that increased use of generic drugs will be a
key contributor to the forthcoming period of slow growth to 2020.
Publisher’s Director continues: “In 2008, generics
accounted for 19% of the pharmaceutical space in terms of volume, rising to
25.2% in 2013. Japan has set a goal for generics to account for 60% of all drug
use by 2017.
To this end, the Ministry of Health, Labor and
Welfare announced new price cuts in 2013 for drugs with generic replacement of
less than 60%, a move which is likely to limit future growth in the
pharmaceutical arena.
CountryFocus: Healthcare, Regulatory and
Reimbursement Landscape - Japan report provides information on the healthcare,
regulatory, and reimbursement landscape in Japan. It includes annualized data
on the pharmaceutical and medical device sectors from 2013 and forecast to
2020, plus an analysis of key market drivers and barriers.
This report was built using data and information
sourced from proprietary databases, primary and secondary research, and
in-house analysis conducted by Publisher’s team of industry experts.
For
further information on this report, please visit- http://mrr.cm/4f6
Find all Healthcare Reports at: http://www.marketresearchreports.com/healthcare
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