Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The "Pharmaceutical Preparations Manufacturing in the UK - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Industry revenue is expected to grow at a compound annual rate of 3.2% over the five years through 2023-24, including revenue growth of 4.3% in the current year, to reach £25.5 billion. Industry revenue is anticipated to rise at a compound annual rate of 6.5% over the five years through 2027-28 to reach £35 billion.
The UK is one of the largest pharmaceutical producers in the world, so the industry commands an important position in both the global pharmaceutical market and the UK economy. A large proportion of revenue is derived from export sales, but the value of exports has declined over the past five years.
Many major large drug makers have rationalised their business strategies to rely less on high-revenue patent drugs. This has supported revenue growth despite the loss of blockbuster patents. Additionally, rising life expectancy and an ageing population have driven growth in domestic demand by boosting the need for medicines, particularly those for degenerative diseases. The COVID-19 pandemic increased the market, as hospital admissions and other medical treatments declined while healthcare services prioritised coronavirus cases.
Still, the market benefitted from the vaccine rollout and has since experienced continued high demand as the NHS works through a major backlog. Industry revenue is expected to expand over the next five years, supported by maintained growth in domestic demand and rising demand from emerging markets. Despite a continued close alignment with the EU pharmaceutical industry after the end of the transition period, additional paperwork and expenses for operators are likely to weigh on revenue growth over the next five years.
Trends and Insights
- UK pharma struggles amidst rising production costs and patent loss.
- A surge in competition from emerging markets, increased production costs, stricter regulatory controls, and the expiration of key patents pose profitability challenges for many UK-based manufacturers. Vaccine sector slows after COVID-19 boost.
- Following a period of growth driven by the global pandemic and subsequent vaccination campaigns, vaccine production is seeing a decline as government funding pulls back and a successful vaccination roll-out concludes. London symbolises global pharmaceutical excellence.
- Boasting a robust industrial network and world-class universities, London has transformed into an imperative hub for major pharmaceutical companies. Pharmaceutical industry faces significant barriers to entry.
- The high costs of start-up and stringent regulatory demands often discourage new entrants, while patent protection can reduce competition and bolster profitability.
- Brexit has burdened the industry with more costs
- The pharmaceutical industry will face additional costs and delays in dealing with regulators as products need separate regulatory approval from both the UK and the EU. This will slow trade and drug approvals.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Major Markets
- Globalisation & Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Barriers to Entry
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
JARGON & GLOSSARY
A selection of companies mentioned in this report includes, but is not limited to:
- AstraZeneca UK Ltd
For more information about this report visit https://www.researchandmarkets.com/r/tenl24
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
