Employment in the Basic Pharmaceutical Products and Preparations Sector in Canada showed a trend of fluctuation over the past few years. In 2023, it stood at 61.83 million hours, a year-on-year decrease of 2.64%. The period from 2013 to 2023 saw various shifts, with notable drops and gains, including a significant rise in 2021 by 3.57%. The Compound Annual Growth Rate (CAGR) for the last five years leading up to 2023 was 1.43%, indicating modest growth. Forecasting over the next five years shows a slight increase with a forecasted 5-year CAGR of 0.38% and an overall growth rate of 1.91% by 2028.
Future trends to watch for:
- Technological advancements and automation in pharmaceutical manufacturing.
- Potential impact of regulatory changes and healthcare policies.
- Growth in personalized medicine and biotechnology sectors.
- Changes in global supply chains and trade dynamics affecting employment growth.
