Israeli drug exports: 23% up despite global financial crisis

The life sciences industry recorded a 7% rise in exports in the first quarter of 2009, to a level of US$1.5 billion
 
The deepening global financial woes that have affected the global business community appear to be having the opposite effect on Israel's pharmaceutical industry. According to data released last week by the Israel Export and International Cooperation Institute (IEICI), the life sciences industry – which includes the pharmaceutics and medical equipment fields – recorded a 7% rise in exports in the first quarter of 2009, to a level of US$1.5 billion.
 
The Israel Manufacturers' Association (IMI) said in a separate press release that the dollar value of exported generic and other drugs from Israel reached $1.1 billion in Q1/09. Israeli exports of pharmaceuticals were 23% higher than those recorded in the same period last year.
 
Exports of drugs to the US market grew by 43% in the quarter to US$857 million, but exports to the EU market fell by 10%, to US$170.9 million. The IMI explains the rise in total pharmaceuticals exports by the global economic crisis, which is forcing the pace of the transfer to generic drugs, which all over the world are cheaper than patent-protected innovative drugs.