As the global leader in the industry, there are many global pharmaceutical companies in the US. The market size of the US pharma market was estimated at USD 602 billion in 2023. It is expected to grow to USD 1,093.79 billion by 2033, at a compound annual growth rate (CAGR) of 6.15% from 2024 to 2033.
The US is still the top global pharma market, with annual sale of $714.3 billion in 2023, followed by China, Japan, Germany, France, Italy, United Kingdom, Spain, Brazil, and Canada.
The US is home to five of the top 10 global pharmaceutical companies in terms of size and revenue. The top 10 pharmaceutical companies include Pfizer, Johnson and Johnson, AbbVie, Merck & Co, Roche, Sanofi, AstraZeneca, Novartis, Bristol Myers Squibb, and GSK. The US is also the world’s leader in pharmaceutical innovations, producing quality medicines but with higher cost.
The US’s states with the largest pharmaceutical industry include California, New Jersey, Pennsylvania, Massachusetts, Illinois, North Carolina, and Indiana.
Employment in the biopharmaceutical sector (manufacturing, distribution, administration, and R&D) exceeds one million in 2022. Six states – California, Massachusetts, New Jersey, New York, North Carolina, and Pennsylvania have more than 50,000 workers in the pharmaceutical sector, while Puerto Rico also employs a good number of manpower.
In 2023, oncology drugs makes up more than one-third of all new product releases, but small molecule drugs still maintain the market dominance, with a revenue share of 56.21% in 2023. There is also growth for biologics and is nearly half of all drug spending, while the biosimilars segment is also growing. Specialty drugs have also increased in status as a major revenue source for pharmaceutical companies in the US.
The generics market in the US is valued at $90.4 billion in 2023, and is expected to grow at a CAGR of 3.5% hitting $124.3 billion by 2032
Pharmaceutical companies in the US invest heavily in R&D to produce medicines to treat unmet medical needs. The main focus of the R&D are mRNA therapies and vaccines, CRISPR gene-editing, bispecifics, and antibody–drug conjugates.
There are about 1,574 FDA-approved facilities manufacturing pharmaceutical products in 47 states, the District of Columbia and Puerto Rico. New Jersey, California, Pennsylvania, and New York are the states with the highest number of pharmaceutical manufacturing units
The top 10 indigenous pharmaceutical companies in the US in terms of revenue in 2022 include:
4 thoughts on “Full List of Pharmaceutical Companies in the US (2024)”
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