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Home 🌿 Medical Cannabis News 🌿 Germany's Pharmaceutical Market Value will Crawl to $65B by 2020 🌿Germany's Pharmaceutical Market Value will Crawl to $65B by 2020
While Germany is the leading pharmaceutical market in Europe, valued at $58.6 billion in 2014, the sector will expand at a modest Compound Annual Growth Rate (CAGR) of 1.7 percent to reach an estimated $65 billion by 2020, according to research and consulting firm GlobalData.
The company’s latest report states that Germany is a mature market with high healthcare expenditure and pharmaceutical production. Indeed, cost-saving government policies will be the largest barrier to future growth.
In 2011, the German government initiated a law on the reorganization of the pharmaceutical market, Arzneimittelmarkt-Neuordnungsgesetz (AMNOG), with the aim of slowing down the growing drug expenditure within the public health sector. This law introduced measures that have not been welcomed by most drug manufacturers.
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, explains: “Before the enactment of AMNOG in Germany, there were far fewer limitations to the pricing of new or patented products, which...
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