amanjaincmi

The last decade has witnessed a spike in incidence rate of various diseases. This in turn has led to increasing spending by various government and non-governmental organizations on developing effective drugs to combat such diseases, subsequently propelling growth of the pharmaceuticals industry. This trend is expected to prevail over the forecast period, consequently fueling growth of the organic chemicals market. Global giants in pharmaceuticals space, such as Pfizer spent US$ 7872 million in 2016, which increased by 2% as compared to 2015 and Novartis spent US$ 8400 million in 2016, which have significantly increased investment in R&D for effective drug development. While North America currently accounts for the largest share in the global organic chemicals industry, owing to a robust production base, emerging economies of Asia Pacific are projected to witness fastest growth in the market over the following decade. This is mainly attributed to rapid industrialization and benefits of economies of scale in countries such as China, Japan, and India.