Pharmaceuticals - Jamaica

Jamaica

The Pharmaceuticals market in Jamaica is expected to achieve a revenue of US$97.13m in 2024.
among the various markets within the market, Oncology Drugs holds the largest share with a projected market volume of US$17.71m in 2024.
Over the next four years (2024-2028), the market is expected to witness an annual growth rate of 5.47%, resulting in a market volume of US$120.20m by 2028.
It is noteworthy that in terms of global comparison, United States is projected to generate the highest revenue of US$636.90bn in 2024.
Jamaica is experiencing a growing demand for traditional herbal remedies in the pharmaceutical market.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Jamaica, the land of reggae and rum, has a growing pharmaceuticals market.

Customer preferences: Jamaican customers prefer generic drugs over branded ones. This is because generic drugs are cheaper and more accessible. The majority of the population falls under the low-income bracket, and hence, they tend to opt for affordable medicines. However, there is a growing demand for branded drugs among the middle and high-income groups, who associate branded drugs with higher quality and efficacy.

Trends in the market: The pharmaceuticals market in Jamaica is growing at a steady pace. The demand for medicines has increased due to the rising prevalence of chronic diseases like diabetes, hypertension, and cancer. There has also been a surge in demand for over-the-counter (OTC) drugs due to the increasing awareness of self-medication. The COVID-19 pandemic has further boosted the demand for OTC drugs like vitamins and supplements.

Local special circumstances: The Jamaican government plays a significant role in the pharmaceuticals market. The government regulates the importation, distribution, and pricing of medicines. The National Health Fund (NHF) is a government agency that provides subsidies for essential drugs to the public. The NHF has also implemented a drug-serve program that provides free medicines to patients with specific chronic illnesses.

Underlying macroeconomic factors: Jamaica's economy heavily relies on tourism, which has been hit hard due to the pandemic. The pharmaceuticals market, being an essential sector, has remained resilient despite the economic downturn. However, the rising inflation and devaluation of the Jamaican dollar have made imported medicines more expensive. This has led to an increase in the prices of medicines, making it harder for low-income groups to afford essential drugs. The government has been implementing measures to improve the local pharmaceuticals industry to reduce the reliance on imported medicines. In conclusion, the pharmaceuticals market in Jamaica is growing due to the rising demand for medicines and OTC drugs. The government's role in regulating the market and providing subsidies has made essential drugs more accessible to the public. However, the increasing prices of imported medicines pose a challenge to low-income groups. The government's efforts to improve the local pharmaceuticals industry may help to reduce the reliance on imported medicines in the future.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.