Pharmaceuticals - Puerto Rico

Puerto Rico

In 2024, the projected revenue in the Pharmaceuticals market in Puerto Rico is expected to reach US$359.90m.
The largest market within this industry is Oncology Drugs, with a projected market volume of US$63.79m in the same year.
Looking ahead, the industry is anticipated to exhibit an annual growth rate of 4.70% (CAGR 2024-2029), leading to a market volume of US$452.90m by 2029.
When compared globally, United States is expected to generate the highest revenue, reaching US$630.30bn in 2024.
Puerto Rico's pharmaceutical industry is thriving, attracting multinational companies with its skilled workforce and generous tax incentives.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Puerto Rico, a Caribbean island with a population of about 3.2 million, has a well-established pharmaceutical industry. The industry has been growing significantly over the years, making it a significant contributor to the country's economy.

Customer preferences: The Puerto Rican population has a high demand for pharmaceutical products, which has been on the rise over the years. The demand is driven by the high prevalence of chronic diseases such as diabetes, hypertension, and cancer, which require long-term medication. Additionally, the population's aging demographic has increased the demand for pharmaceutical products, as older people tend to have more health problems that require medication.

Trends in the market: One of the significant trends in the pharmaceutical market in Puerto Rico is the increasing demand for generic drugs. The demand is driven by the government's efforts to reduce healthcare costs and the population's high poverty levels, which have made branded drugs unaffordable for many. Additionally, the industry has been experiencing a shift towards biotechnology and specialty drugs, which are expensive but provide better treatment options for patients with complex medical conditions.

Local special circumstances: Puerto Rico's pharmaceutical industry has been thriving due to several factors. One of the factors is the country's status as a US territory, which has made it a hub for pharmaceutical manufacturing and distribution. Additionally, the country has a highly skilled workforce and a favorable tax system, which has attracted many pharmaceutical companies to set up operations in the country. The government has also been supportive of the industry by providing incentives and investing in infrastructure to facilitate the industry's growth.

Underlying macroeconomic factors: Puerto Rico's pharmaceutical industry's growth has been supported by the country's stable political and economic environment. Additionally, the country's strategic location and strong ties with the US have made it an attractive destination for pharmaceutical companies looking to expand their operations. The industry's growth has also been supported by the country's investment in research and development, which has led to the development of new drugs and treatment options. Overall, the pharmaceutical market in Puerto Rico is expected to continue growing, driven by the increasing demand for generic drugs and the industry's shift towards biotechnology and specialty drugs.

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.