The Israeli pharmaceutical market is set to rise from $1.75 billion in 2015 to around $2.12 billion by 2020, representing a compound annual growth rate of 3.9%, according to research and consulting firm GlobalData.
The company’s latest report states that medical technological advances and R&D expenditure in the field of science and technology are distinguishing features of the Israeli pharmaceutical market. Indeed, the pharmaceutical space is supported by a network of recognized academic and research institutes, R&D facilities, and well-developed medical centers. Israeli research expertise and clinical advances have led to the development of blockbuster drugs and promising treatments for cancer, multiple sclerosis and Alzheimer’s disease.
Despite a long history of armed conflict with neighboring Arab countries and large-scale immigration, which has placed a heavy burden on the economy, Israel is a developed, industrialized country with a small, technologically-advanced agricultural sector, a growing service sector and a substantial high-tech sector. In this way, the economy is fairly robust and presents ample opportunity for a thriving pharmaceutical sector.
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