A new upcoming report from Thomson Reuters unit CMR International declares that several positive trends are buoying the pharmaceutical industry to an all-time high in sales, which are projected to hit $1 trillion this year.
The CMR Factbook 2014 stated that global pharmaceutical sales reached a record of an estimated $980 billion last year and is expected to climb to a trillion dollars in 2014. On the other hand, the growth rate declined last year compared to previous years due to the patent expiration of several blockbuster drugs. The decline in growth was also attributed to cheaper generic drugs’ domination in the market.
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