US market is driving world demand of Pharma in first 9 months of 2024
An outstanding performance of the US market: a Year-over-Year increase in imports by 46.6 billion €
Published by Marcello Antonioni. .
Health products Conjuncture United States of America Export markets American States Foreign market analysis
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US imports of Pharmaceutical products
World trade data for the first 9 months of 2024, available in the Quarterly World Trade Datamart, allow to document the strong growth in sales of pharmaceutical products on the US market.
As documented in the graph below, in the period January-September 2024, imports from the world of Drugs&Medicaments1 of the United States recorded a Year-over-Year increase of +47% at constant prices, for a y-o-y change in euros equal to +46.6 billion euros.
USA by far the largest market driving global pharmaceutical sales in the first 9 months of the year
This is by far the largest contribution to the growth in global pharmaceutical demand in the first 9 months of the year, preceding the increases in imports of Switzerland (+7.4 billion euros Year-over-Year), Germany and Japan (+3.9 billion euros y-o-y), Netherlands (+2.7 billion euros y-o-y), Ireland (+2.2 billion euros y-o-y) and Poland (+1.7 billion euros y-o-y).
The pharmaceutical categories that are making the largest contributions to the trend growth of US imports are, in order, HS300490-Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses or in forms or packings for retail sale, not elsewhere specified (NES)2 (+28.3 billion euros in the first 9 months of the year), HS300215-Immunological products, put up in measured doses or in forms or packings for retail sale3 (+10.7 billion euros) and HS300214-Immunological products, put up in measured doses or in forms or packings for retail sale, excluding vaccines4 (+6.9 billion euros).
US Pharmaceutical imports by partner countries
The analysis of US pharmaceutical imports by partner country highlights the largest trend increases in the first 9 months of the year for sales from Ireland (+€10.8 billion Year-over-Year)5, India (+€5.4 billion y-o-y), Belgium (+€5.2 billion y-o-y) and Italy (+€4.5 billion y-o-y), as document the table below.
US imports of Pharmaceuticals:
fastest-growing partner countries in the first 9 months of 2024
| January-September (millions €) | |||
| Market | 2023 | 2024 | Delta 24/23 |
| Ireland | 22 325 | 33 160 | +10 836 |
|---|---|---|---|
| India | 3 566 | 8 951 | + 5 385 |
| Belgium | 3 156 | 8 382 | + 5 226 |
| Italy | 3 501 | 7 960 | + 4 459 |
| Singapore | 7 392 | 11 322 | + 3 930 |
| China | 1 744 | 5 504 | + 3 761 |
| Slovenia | 556 | 3 388 | + 2 832 |
| Switzerland | 9 537 | 12 084 | + 2 548 |
| Hungary | 92 | 2 522 | + 2 430 |
| Canada | 2 297 | 4 472 | + 2 175 |
| United Kingdom | 3 585 | 5 601 | + 2 016 |
Source: ExportPlanning processing from Quarterly World Trade Datamart
It is also worth highlighting the Year-over-Year increases in the first 9 months of the year for Pharmaceutical sales on the US market from Singapore (+3.9 billion euros Year-over-Year, in fourth place among the partner countries of the US market in absolute value in the first three quarters of 2024), China (+3.8 billion euros y-o-y, up to 9th place among the 2024 partner countries, from 18th in 2023), Slovenia (+2.8 billion euros y-o-y, up to 13th place among the 2024 partner countries, from 24th in 2023), Switzerland (+2.5 billion euros y-o-y), Hungary (+€2.4 billion y-o-y, up to 16th place among the 2024 partner countries, from 30th place in 2023), Canada (+€2.2 billion y-o-y) and United Kingdom (+€2 billion y-o-y).
US imports of Pharmaceutical products by American States
The analysis of US imports of Pharmaceuticals by States highlights the largest Year-over-Year increases in the first 9 months of the year for sales to North Carolina (+€5.1 billion), Kentucky (+€4.9 billion Year-over-Year, up to first place overall among the American States for 2024 Pharmaceutical imports), Tennessee (+4.6 billion € y-o-y) and Pennsylvania (+4.2 billion € y-o-y, in second place among the American States for Pharmaceutical imports 2024), as documented in the table below.
US imports of Pharmaceuticals:
fastest-growing American States in the first 9 months of 2024
| January-September (millions €) | |||
| American State | 2023 | 2024 | Delta 24/23 |
| N-Carolina | 7 558 | 12 622 | +5 064 |
|---|---|---|---|
| Kentucky | 18 121 | 23 019 | +4 898 |
| Tennessee | 17 074 | 21 631 | +4 557 |
| Pennsylvania | 18 553 | 22 756 | +4 203 |
| Indiana | 18 322 | 21 446 | +3 124 |
| Ohio | 3 796 | 5 882 | +2 086 |
| New Jersey | 5 857 | 7 115 | +1 258 |
Source: ExportPlanning processing on Quarterly Trade of American States Datamart
It is also worth highlighting the Year-over-Year increases in the first 9 months of the year for Pharmaceutical sales in the States of Indiana (+3.1 billion euros Year-over-Year, in fourth place among the American States for absolute value in the first three quarters of 2024), Ohio (+2.1 billion euros y-o-y, in 8th place among the American States for imports 2024 of Pharmaceutical products) and New Jersey (+1.3 billion euros y-o-y, confirming its 7th place among the American States for Pharmaceutical imports).
Conclusions
The analysis highlights the strong growth in US Pharmaceutical imports in 2024 (first 9 months), which saw a 47% Year-over-Year increase in constant prices. Key categories driving this trend include ready-to-use medicinal products (HS300490), immunological products (HS300215), and other immunological doses (HS300214). Major contributing countries include Ireland, India, Belgium and Italy.
The analysis also highlights that North Carolina, Kentucky, Tennessee and Pennsylvania are among the US States with the highest growth in Pharmaceutical imports in the first nine months of 2024, with significant increases in value compared to 2023. Kentucky, in particular, is now the leading American State for Pharmaceutical imports, followed by Pennsylvania. Other American States with notable increases include Indiana, Ohio and New Jersey, which contribute to the expansion of Pharmaceutical imports of the United States.
1) See the list of products included in this analysis in the following description table.
2) This category encompasses a wide range of medicinal products, including:
- therapeutic and prophylactic drugs that are not specifically classified elsewhere in the HS system;
- forms intended for retail sale such as tablets, capsules, ampoules, injectables, creams, ointments, solutions, and suspensions;
- both prescription and over-the-counter (OTC) medicines, including treatments for a variety of conditions such as pain relief, infection, cardiovascular health, and more.
- treatment and support of immune-related conditions, providing targeted immune therapies for patients with compromised immune systems;
- prophylactic applications for short-term immune support, like immune globulins used post-exposure to certain infections;
- treatment of autoimmune and inflammatory diseases, where modulation of the immune system is required for therapeutic effect.
- antisera and antitoxins, used to treat or prevent infections by neutralizing toxins (e.g., tetanus antitoxin);
- immunoglobulins: Also known as antibodies, these are used for passive immunity, providing immediate protection against specific infections;
- other non-vaccine immunotherapies. These could include biologics and monoclonal antibodies aimed at modulating or boosting immune function, often used in patients with immune deficiencies or those needing immediate immune support.
