Other Pharmaceuticals - Puerto Rico

Puerto Rico

The revenue in the Other Pharmaceuticals market in Puerto Rico is forecasted to reach US$152.50m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.53%, leading to a market volume of US$181.40m by 2029.
In comparison to other countries worldwide, United States is projected to generate the highest revenue of US$260.50bn in 2024.
The pharmaceutical industry in Puerto Rico is experiencing a surge in the production of generic drugs.

Key regions: China, Europe, Australia, United States, Germany

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Analyst Opinion

The Other Pharmaceuticals market in Puerto Rico has been experiencing some interesting trends and developments in recent years.

Customer preferences: Customers in Puerto Rico have been showing a growing interest in generic drugs, which has been driving the growth of the Other Pharmaceuticals market. This is due to the fact that generic drugs are often much cheaper than their brand-name counterparts, making them a more affordable option for many consumers. Additionally, customers in Puerto Rico have been increasingly looking for pharmaceutical products that are effective, safe, and easily accessible.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Puerto Rico has been the increasing prevalence of generic drugs. This is due to a number of factors, including the fact that many brand-name drugs have recently come off patent, allowing generic manufacturers to produce cheaper versions of these drugs. Additionally, the government of Puerto Rico has been taking steps to encourage the use of generic drugs, such as by implementing policies that make it easier for pharmacists to substitute generic drugs for brand-name drugs when filling prescriptions.Another trend in the market has been the growing importance of specialty drugs. These are drugs that are used to treat complex or rare conditions, and are often very expensive. In recent years, there has been a growing demand for these drugs in Puerto Rico, driven by factors such as an aging population and an increase in the prevalence of chronic diseases.

Local special circumstances: One of the key special circumstances in Puerto Rico is the island's unique status as a US territory. This has a number of implications for the pharmaceutical industry, including the fact that Puerto Rico is subject to many of the same regulations as the mainland US. Additionally, many pharmaceutical companies have operations in Puerto Rico, which has helped to drive growth in the Other Pharmaceuticals market.

Underlying macroeconomic factors: There are a number of macroeconomic factors that are driving the growth of the Other Pharmaceuticals market in Puerto Rico. One of the most important of these is the island's aging population, which is increasing the demand for pharmaceutical products. Additionally, the Puerto Rican economy has been struggling in recent years, which has led many consumers to seek out cheaper generic drugs. Finally, the government of Puerto Rico has been taking steps to encourage the growth of the pharmaceutical industry, such as by offering tax incentives to companies that invest in the island.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.