Industry Report - Global Biotechnology.pdf
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1、CONTENTS Error! No text of specified style in document. September 2011 | .au | www.ibisworld.co.uk | IBISWorld Industry Report L6724-GL Global Biotechnology September 2011 About This Industry . 2 Industry Definition . 2 Main Activities . 2 Similar Industries 2 Additional Resources 2 Industry Perfo
2、rmance 4 Executive Summary 4 Key External Drivers . 4 Current Performance 5 Industry Outlook 8 Industry Life Cycle 11 Products and an increase in household disposable income around the world, which allowed people to purchase human health-related products. Demand for medicines and medical equipment w
3、as boosted by more sophisticated products to cope with aging populations and greater demand for elective surgeries drugs for non-chronic illnesses; and robust public sector spending in most major markets on the delivery of healthcare. Because the public sector subsidizes healthcare, people are more
4、willing to buy drugs and other biotech products. It is, however, important to note that regulators around the world are increasingly looking at cost- effectiveness before allowing new drugs into the market. This was already the case in the United Kingdom and this trend is expected to spread to other
5、 countries. According to IMS Health, global pharmaceutical sales (which include biotech and non-biotech drugs) were expected to increase at an average rate of about 6% per annum over the five years through 2009, to reach $796 billion. Growth was strongest in Asia and Latin America. Although overall
6、pharmaceutical sales growth was modest in more developed nations, biotech drug sales grew more rapidly, with the biotech segment accounting for a rising proportion of overall sales. The expiration of patents is giving rise to the creation of the biosimilar drug market. Biosimilars are follow- on ver
7、sions of original biological medicines, which were independently developed after the patent protecting the original product expired. In the United States, the FDA approved the first biosimilar drug in 2006. Biosimilar products are also expected to have a substantial effect on the EU market from 2008
8、. Agricultural biotechs reaping revenue Another area that experienced rapid growth is agricultural products. According to the International Service for the Acquisition of Agri-Biotech Applications (ISAAA), the global market value of biotechnology crops was expected to reach $8.3 billion in 2009, hav
9、ing averaged 12% growth per annum over the previous five years. This includes mainly genetically modified soybean, maize, cotton and canola. In 2007, maize overtook soybeans for the first time, driven by the increased demand for ethanol. Over 12 million farmers currently grow GM crops and over 90% o
10、f them are located in developing countries. However, the United States accounts for over half of the global area planted to GM crops. Farmers growing GM soybean and maize in the United States were rapidly expanding the areas planted in order to supply the emerging biofuel industry, which uses maize
11、in the production of ethanol and soybeans for biodiesel. Furthermore, Brazil, Monsanto and other bio-agriculturally connected regions and firms stand to benefit significantly from a rising global population, rising food prices, and an increasingly uncertain climate placing strong demand on efficient
12、 and productive food sources. Global food prices according to the Food and Agriculture Organization reached a record high in February 2011, raising demand for these products even further. Emerging markets Sales of biotechnology products in emerging markets were growing at a faster rate than in the E
13、uropean markets as the standard of living and healthcare in developing countries rises. A number of developing nations, including China, India, Korea, Taiwan and Latin America, were investing strongly in establishing their own biotechnology industries. As such, the number of patents coming from deve
14、loping countries increased by double digits over the past few years. With the increasing capabilities in developing nations, some major industry players outsourced aspects of their activities to these countries, particularly the more WWW.IBISWORLD.COM Global Biotechnology September 2011 7 labor-inte
15、nsive functions. Increasing globalization also created risks for the industry. In January 2008, Baxter issued an urgent voluntary recall for some doses of Heparin, a blood thinner. The move followed “an increase in the number of reports of adverse patient reactions that may be associated with the pr
16、oduct“, which were linked to raw materials sourced from China. WWW.IBISWORLD.COM Global Biotechnology September 2011 8 Industry Outlook During the five years through 2016, industry revenue is expected to rise to $339.0 billion. This represents an average increase of 10.8% per annum, significantly gr
17、eater than IBISWorlds forecast for average annual GDP growth over the same period. Emerging competition and changing business structures As the industry approaches maturity, the share of revenue generated from product sales (as opposed to government funding) will continue to increase. The industry i
18、s also developing new revenue streams, including income from licensing technologies, outsourced research and the production of biosimilar drugs. First approved in 2006 in the United States, biosimilars are generic versions of biotech drugs after the patent protecting the original product has expired
19、. The development of new and diversified revenue streams will insulate the industry from changes in investment markets and ensure its profitability for years to come. Yet this trend is happening in the broader market as well. The maturity of many pharmaceutical products (and the potential to produce
20、 cheap generic copies of them) means that biotechnology products will become an increasingly important part of a big pharmaceutical drug portfolio. Moreover, industries must continue to invest in the development of equipment and processes that negate the effects of the significantly lower wages paid
21、 to labor in developing and competing economies (such as India, China and South Korea among others). Nonetheless, profitability will continue to improve over the next five years as new products reach the commercialization stage allowing companies to leverage economies of scale and reap the rewards o
22、f years of investment. So far, a significant number of companies have yet to record a profit as products are still in the development or trial phase; as the second and third generation of products come to market, companies and investors will reap significant rewards. This was already the case in Oce
23、ania, which reached profitability in 2005, while losses substantially dropped in North America and Europe. The industry will continue to invest heavily in technology to reduce labor inputs and meet evolving technical specifications and regulations. While these new products will create new avenues of
24、 revenue for established companies, the industry may face a shortage of highly skilled labor in the United States and the EU as demand for skilled workers outstrips supply. This will lead to an increase in training costs needed to bring less-skilled workers up to the requisite level to operate incre
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