Bìznes Inform (Aug 2023)
The USA in the Global Pharmaceutical Market: The Current State and Development Prospects
Abstract
The article is aimed at defining the current state and prospects of development of the USA in the global pharmaceutical market. It is defined that American pharmaceutical companies successfully conduct their activities in the global pharmaceutical market. The leading pharmaceutical companies of the USA in terms of income and capitalization are considered. It is determined that the United States has a significant role in regulating the global pharmaceutical market. The activities of the U.S. Federal Food and Drug Administration ensure a high level of safety and efficacy of medicines used around the world and increase trust in the U. S. pharmaceutical companies. It is further determined that one of the main features of the USA’s participation in the global pharmaceutical market is the strong position of the U.S. pharmaceutical companies in the market of innovative drugs. The costs of research and development by leading pharmaceutical companies are considered. The indicators of foreign trade in the U.S. pharmaceutical products are analyzed. The U. S. exports account for 9.4% of global pharmaceutical exports, the country ranks fourth in the ranking of world exporters. China, the Netherlands, Canada, Japan, and Germany were the main importers of the U. S. pharmaceutical products in 2022. On the other hand, the United States itself is the main importer of pharmaceutical products. The U. S. imports account for 17.4% of global pharmaceutical imports. Ireland, Germany and Switzerland are major exporters of pharmaceutical products to the United States. The article generalizes the main trends in the pharmaceutical market of the United States, influencing the prospects of their participation in the global pharmaceutical market. It is concluded that the USA has great prospects in the global pharmaceutical market. The country has a strong scientific base and developed infrastructure, which allows the U. S. pharmaceutical companies to be competitive in the global market and ensure sustainable development of the industry. Also, the United States has a large consumer market. It is determined that the United States may experience certain obstacles in the global pharmaceutical market due to the high cost of drug development, as well as high drug prices.
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