Key Market Indicators
Latvia's pharmaceutical research and development (R&D) expenditure is projected to climb to approximately $14 million in purchasing power parity (PPP) by 2028. This marks an increase from around $13 million in 2023, reflecting an annual growth rate of 1.6%. Since 2013, Latvia's pharmaceutical supply has grown steadily, showing an average annual increase of 6.7%. However, in 2023, Latvia ranked 17th globally in pharmaceutical R&D spending. Romania surpassed Latvia with an expenditure of roughly $13 million PPP. Globally, China, Germany, and South Korea secured the second, third, and fourth positions in pharmaceutical R&D expenditure rankings, respectively.
