Strong market growth is predicted within the generics and biopharma industries in Asia, according to a report by consultancy firm Frost & Sullivan.
The growth is expected as the effects of the recession retreat, and companies look to broaden their reach and acquire new assets.
The firm said that mergers and acquisitions have been the recurring theme for big pharma businesses in Asia, as they actively explore opportunities to acquire smaller biotech and generic companies to bolster their pipeline and expand their product portfolio.
“The paradigm shift is also seen in increased government attention to primary and community based healthcare, as well as the increased use of mobile technology in healthcare service delivery,” said Frost & Sullivan director Simranjit Singh.
In 2009, Asia Pacific healthcare revenue stood at $247bn, representing approximately 23.2% of the global market.
By 2012, the region is expected to contribute 27.2%, with a compound annual growth rate of 12.2%, and could contribute as much as 40% of the global revenue.
Singh added that strong drivers include the rise of chronic diseases due to the ageing population, government support for generics and biosimilars, and enhanced diagnosis and management in oncology, cardiovascular and pain treatment.