U.S. Pharmaceutical Market Size, Share & Growth | Forecast

The U.S. pharmaceutical industry had humble beginnings.  Merely alkaloids, antiseptics, and a few vaccines and antitoxins were available as shields against diseases in the 19th century. With no significant players, physicians either prescribed or pharmacists compounded these agents alongside tinctures and medications of improbable efficacy. Despite its humble beginnings, the U.S. pharmaceutical industry has come a long way.  From merely producing alkaloids as agents to treat diseases, in recent times, the industry has emerged as a front-runner in creating monoclonal antibodies, gene therapies, and biosimilars to treat diseases that were once perceived untreatable by mankind.

Contributing a GDP of $625 Billion, accounting for nearly 3.2% of the country’s GDP, the American pharmaceutical industry has a profound impact on the U.S. economy. The U.S. pharmaceutical industry provides a substantial employment, accounting for 4.9 million+ jobs across the U.S. economy.  It plays a crucial role in forming an intricately woven network of economic relationships that combines drug research, production, distribution, storage, pricing, and further use by the common man.

American pharmaceutical subsectors, including R&D, manufacturing, distribution, and corporate offices, have become conduits offering employment to many, nudging the economy towards an upward trajectory.

Despite the tough competition it is facing from emerging economies like China, the U.S. continues to make great strides in the global pharmaceutical industry. A significant federal investment in life-science research, vigorous intellectual property protections, and effective technology transfer policies, investment incentives, and drug pricing policies have empowered U.S. pharmaceutical companies to invest in innovative drugs and emerge as the global pharmaceutical leader. The U.S. occupies a lion’s share of around 42.6% of the global pharmaceutical market.

This report provides comprehensive insights into the thriving U.S. pharmaceutical industry and why it remains this sector’s reigning leader.