With the turnover value of USD504.6 billion, Asia Pacific is the world’s largest pharmaceutical and medical device producer, surpassing Western Europe. Following the slowdown in 2017, the region’s medical products manufacturing is anticipated to return to stronger growth from 2018, primarily thanks to positive dynamics in China, India and Indonesia. Meanwhile, the industries in Japan and South Korea are posed for a slower yet steady rise thanks to accelerating exports.
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Asia Pacific is both the largest consumer and producer of pharmaceutical and medical equipment in the world. Although turnover growth of regional drug and device companies registered a considerable slowdown in 2017, the industry’s long-term outlook remains highly positive thanks to surging volume demand in China, and increasing manufacturing capabilities in Indonesia and India. As a result, the region is expected to remain the primary driver of global medical products growth over the period to 2030.
Following the slowdown in 2017, China’s pharmaceutical and medical device production is expected to pick up in 2018, in line with the continuously improving business environment and government-mandated push towards innovation.
Substantial growth is also expected in India and Indonesia, as countries become increasingly significant investment destinations. Foreign multinationals are set to be primarily attracted by surging domestic markets, in line with the population’s increasing access to healthcare services, and rising disposable incomes.
South Korea and Japan are poised for steady yet slower development, as governments continue to implement regulatory pricing pressures. However, respective countries are anticipated to maintain their positions as world experts in innovative solutions, and raise exports, capitalising on surging global demand for biologics.
Overall trade across the region, however, will remain limited as countries, including China, India, and Singapore, push for increasing domestic manufacturing capabilities rather than relying on foreign suppliers.