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China to be 3rd largest pharma market in 2011

(Agencies)
Updated: 2010-03-17 11:28
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NEW YORK - Sales of prescription drugs in emerging markets will grow rapidly over the next few years, pharmaceutical market research firm IMS Health says, with China becoming the world's third-largest prescription drug market in 2011.

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IMS says pharmaceutical revenue in China is growing at a great pace, and the market there could double by 2013 as the country improves its health care infrastructure and aims for near-universal health coverage. The firm says drug revenue there will grow by $40 billion through 2013.

IMS says growth in China has come even more quickly than it expected. In 2006, it predicted China would be the world's sixth-largest pharmaceutical market by 2011. The two largest markets are the US and Japan.