Robust life sciences industry to drive UK pharmaceutical market to $43bn by 2020

It represents a compound annual growth rate (CAGR) of 8.4%.

The report said that the UK’s life sciences sector features just under 5000 firms that develop, manufacture and market products and services in the pharmaceutical, medical device, and biotechnology markets.

GlobalData senior industry analyst Adam Dion said the pharmaceutical sector is one of the most dynamic industries in the UK and is a major contributor to the country’s economy.

"The pharmaceutical industry was the sixth largest contributor to the UK’s balance of trade, contributing $46.9 billion (£32.4 billion) to the economy in 2014, according to the Association of the British Pharmaceutical Industry.

Research and development investment touched $5.9bn in 2013 in the UK, and the industry employed over 68,000 people, including 23,000 scientists and doctors.

The report also noted that the UK’s universal healthcare coverage and easy access to healthcare services, along with increasing rates of disease, have delivered the required momentum for pharmaceutical market growth.

Dion said: "The National Health Service (NHS) provides the UK with a robust healthcare system available to the entire population. This universal access to services means that the region incurs comparatively high healthcare costs, with expenditure in this area accounting for 8.6% of the GDP in 2012."