IMS said that drug sales in China will reach a value in excess of $40bn (€29.2bn) in drug sales in 2013, with branded generic being the key growth drivers.

The study also predicts that the 17 pharmerging markets are set to expand by $90bn (€65.2bn) over the next few years, contributing 48 per cent of the world pharmaceutical market’s growth by 2013.

In addition, the researchers also forecast that the markets in Brazil, Russia and India will grow by as much as $15bn over the next three years.