;    Medical Translation Insight: Pharma looks to emerging markets for growth; medical translators should look to therapeutics - ForeignExchange Translations

Pharma looks to emerging markets for growth - medical translation
The other day, we wrote about how rising drug costs present a challenge to the global economy - possibly even to medical translation professionals. The article was based on The Global Use of Medicines: Outlook Through 2016 [PDF], a 2012 report from the IMS.

The report contains a wealth of great information - if you haven't downloaded it, you really should. One key theme in the report is the continued importance of emerging markets to the pharma industry.

While growth is slowing everywhere, it is most robust in the so-called "pharmerging" markets (click for larger version):

Spending by geography - medical translation

Despite drastically divergent levels of income, government outlays and access to medicines in general, emerging markets will be the principle growth drivers over the next five years, due in large part to a spate of government policies intended to bring poor populations into health systems for the first time.

All in all, emerging nations, including Russia, China, Brazil, India, Mexico, South Africa, Egypt, and Pakistan, are expected to see their annual spending on medicines to increase from $194 billion in 2011 to $345 to $375 billion by 2016.

Another interesting item that should be of particular interest to medical translation providers is the following graph (click for larger version):

Medical translators need to pay attention to therapeutics

According to the report, oncology continues to lead the therapeutics market, with revenues forecast to reach nearly $75 to $80 billion in 2015. The top 20 segments in therapeutics will account for 42% of global spending, led by oncology, antidiabetics and respiratory, as seen in the chart below.

As a medical translator, it probably pays to learn about and specialize in some of these hot therapeutic areas!


ForeignExchange Translations provides specialized medical translation services to pharmaceutical and medical device companies.
 

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