Key Prominent Players Covered in the Pharmaceuticals Market Research Report Are GlaxoSmithKline plc., F. Hoffmann-La Roche Ltd., Novartis AG, Johnson & Johnson Services Inc., Merck & Co., Inc., Pfizer, AstraZenec, Sanofi, Novo Nordisk A/S and other key market players.Pune, India, Jan. 15, 2021 (GLOBE NEWSWIRE) — The global pharmaceuticals market size is expected to gain momentum by reaching USD 2,151.1 billion by 2027 while exhibiting a CAGR of 7.0% between 2020 and 2027. This is attributable to the increasing prevalence of chronic disease and the growing adoption of modern technologies that is leading to the evolving pharmaceuticals sector amid COVID-19 globally. This information is published by Fortune Business Insights. The report further mentions that the market stood at USD 1,230.2 billion in 2019. Stalled R&D Healthcare Projects Owing to COVID-19 to Hinder GrowthIn March 2020, companies such as Pfizer, Eli Lilly, Bristol-Myers Squibb, and Provention Bio, among others officially announced the postponing of the clinical trials that were underway to focus on the novel coronavirus. According to the research of clinicaltrials.gov, around 2522 clinical trials were suspended, and 1099 trials got postponed between the months of January and May 2020. Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/impact-of-covid-19-on-pharmaceuticals-market-102685 The postponement of R&D healthcare projects has led to the reduced demand for pharmaceuticals that is affecting the growth of the market. However, the increased spending in the healthcare sector, along with the rising focus on finding a cure for the global pandemic is expected to bode well for the market in the near future. A massive spurt in healthcare spending owing to the burden of the treatment of chronic diseases and several disorders for the past ten years has boosted the adoption of pharmaceutical products globally. The pharma companies are aiming to provide affordable and efficient treatment to the patients by focusing on innovating their products to cater to the rising demand. Increasing Prevalence of Chronic Disease to Accelerate GrowthAccording to the report by the Partnership to Fight Chronic Disease Organization, around 133 million Americans that constitute over 45% of the total population suffer from at least one chronic condition. The increasing prevalence of chronic disease is expected to propel the demand for advanced pharmaceuticals by the patients globally. Additionally, the emergence of technology has led to the increasing adoption of innovative digital technologies to provide better diagnosis and treatment facilities. These factors are likely to boost the global pharmaceuticals market growth in the forthcoming years. Click here to get the short-term and long-term impact of COVID-19 on this Market.Please visit: https://www.fortunebusinessinsights.com/impact-of-covid-19-on-pharmaceuticals-market-102685 Drug Segment Held a Major Market Share in 2019 The drug segment, based on the type, held a major share of the market in 2019 and is expected to showcase considerable growth backed by the increasing sales of generic and prescription pharmaceuticals drugs. Presence of Established Players in North America to Favor GrowthAmong all the regions, North America is expected to experience significant growth and hold the highest position in the global pharmaceuticals market during the forecast period. This is attributable to the increasing innovation in the pharmaceutical industry owing to the presence of major pharma companies in the region. North America stood at USD 501.7 billion in 2019.Europe, on the other hand, is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as the increasing investment in R&D activities to develop effective pharmaceutical vaccines in the region between 2020 and 2027. Product Innovation by Major Companies to Gain Market DominanceThe global pharmaceuticals market is fragmented by the presence of major companies that are focusing on introducing innovative pharmaceutical products to cater to the growing demand from the healthcare sector. In addition to this, other key players are adopting organic and inorganic growth strategies to maintain their presence that will favor the growth of the market in the forthcoming years. Quick Buy – Pharmaceuticals Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102685 Industry Development:July 2020 – GlaxoSmithKline plc and CureVac announce their collaboration for research, development, manufacturing, and commercialization of up to five mRNA-based vaccines and monoclonal antibodies (mAbs). The companies are focusing on targeting infectious disease pathogens to develop advanced vaccines. List of the Companies Profiled in the Global Market for Pharmaceuticals: * GlaxoSmithKline plc. (London, U.K) * F. Hoffmann-La Roche Ltd. (Basel, Switzerland) * Novartis AG (Basel, Switzerland) * Johnson & Johnson Services Inc. (New Jersey, U.S.) * Merck & Co., Inc. (New Jersey, U.S.) * Pfizer (New York, U.S.) * AstraZeneca (Cambridge, U.K.) * Sanofi (Paris, France) * Novo Nordisk A/S (Copenhagen, Denmark) * Other Players Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/impact-of-covid-19-on-pharmaceuticals-market-102685 Table of Contents: * Introduction * Market Scope * Market Segmentation * Market Methodology * Definitions and Assumptions * Executive Summary * Market Dynamics * Market Drivers * Market Restraints * Market Opportunities * Key Insights * Clinical Trials in Pharmaceuticals Market – Number of Trials, Size of the Industry, Number of Participants, Number of Sites, R&D Spending of Major Companies, Economic Impact of Clinical Trials * Success Rate of Drugs – Average Time and Price to Get a Drug on the Market, Proportion of Drugs that are Successful and Reach Blockbuster Status * Risk & Opportunities in Development of New Drugs – Qualitative Insights * Valuation of Pharmaceutical Companies – What Drives Valuation, Valuation of Major Companies, Impact of COVID-19 * Number of Customers – Details on Number of Healthcare Facilities, Pharmacies, Number of Patients, Number of Physicians & Nurses, etc. for Major Countries, 2019 * Impact of COVID-19 on the Pharmaceuticals Market * Global Pharmaceuticals Market Analysis, Insights and Forecast, 2016-2027 * Key Findings / Summary * Market Analysis, Insights and Forecast – By Type * Drugs * Prescription Drugs * OTC Drugs * Vaccine * Market Analysis, Insights and Forecast – By Indication * Antiviral * Anti-infective * Anti-hypersensitive * Oncology * Respiratory Disorders * Cardiovascular Disorders * Neurology Disorders * Diabetes * Others * Market Analysis, Insights and Forecast – By Distribution Channel * Hospitals Pharmacies * Retail Pharmacies * Online Pharmacies * Market Analysis, Insights and Forecast – By Geography * North America * Europe * Asia Pacific * Latin America * Middle East & Africa TOC Continued….! Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/impact-of-covid-19-on-pharmaceuticals-market-102685 SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION: * Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies * Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc. * Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility * Number of procedures and average price of procedures * Replacement rate and pricing of capital equipment * Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities * Market & technological trends, new product developments, product pipeline. 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We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges. Contact Us:Fortune Business Insights™ Pvt. 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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
