The pharmaceutical industry develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical drugs are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing. Pharmaceutical companies produce pharmaceutical drugs made from active pharmaceutical ingredients (API) and excipients. The global pharmaceutical drug market was worth $934.8 billion in 2017 and has grown at a CAGR of 5.16% during 2013-2017. The market is expected to grow at a CAGR of 5.78% during 2017-2021 and is forecast to be worth $1,170.4 billion by 2021. Aging populations, income growth especially in emerging economies and the high prices of new drugs are factors leading to steadily increasing per capita drugs expenditure.
