In 2024, the United States is projected to spend between 605 and 635 billion U.S. dollars on medicine. Estimates for the United States are much higher than those of other countries on the list. For the same year, Germany’s expected expenditure estimates were between 65 and 75 billion U.S. dollars.
China
China stood in second place in terms of projected medicine expenditures for 2024, with estimates between 165 and 195 billion U.S. billion dollars. The country was also the world’s second-largest pharmaceutical market in 2019, accounting for over 11 percent of the world’s total pharmaceutical sales numbers. People in China spent the most on non-original branded pharmaceutical products: an estimated 54 billion U.S. dollars. Roughly 30 billion U.S. dollars were spent on original brands.
Sinopharm Group
Sinopharm Group Co., Ltd. is a Chinese pharmaceutical and biotech company, founded in 2003, and is one of the largest companies in the industry today. In 2019, the corporation generated roughly 50 billion U.S. dollars in revenue, placing them between Novartis AG and Merck & Co that year.
Projected expenditure on medicine of selected countries worldwide in 2024
(in billion U.S. dollars)
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IQVIA. (March 5, 2020). Projected expenditure on medicine of selected countries worldwide in 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 31, 2020, from https://www.statista.com/statistics/280638/national-expenditures-on-medicine-2016/
IQVIA. "Projected expenditure on medicine of selected countries worldwide in 2024 (in billion U.S. dollars)." Chart. March 5, 2020. Statista. Accessed May 31, 2020. https://www.statista.com/statistics/280638/national-expenditures-on-medicine-2016/
IQVIA. (2020). Projected expenditure on medicine of selected countries worldwide in 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: May 31, 2020. https://www.statista.com/statistics/280638/national-expenditures-on-medicine-2016/
IQVIA. "Projected Expenditure on Medicine of Selected Countries Worldwide in 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Mar 2020, https://www.statista.com/statistics/280638/national-expenditures-on-medicine-2016/
IQVIA, Projected expenditure on medicine of selected countries worldwide in 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/280638/national-expenditures-on-medicine-2016/ (last visited May 31, 2020)
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