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Global spending on medicines is forecast to grow between 3% and 6% annually and reach roughly $1.6 trillion in sales by 2025 — and this does not include another $157 billion that is expected to be spent on Covid-19 vaccines largely over the next couple of years, according to a new report.

Almost all countries are expected to see a slowdown in their rate of annual spending through 2025 compared with the previous five-year period. Spending by upper-middle or high-income countries is expected to rise 2% to 5% through 2025, which is similar to what was seen over the past five years. Spending by China, however, is forecast to increase by 6.2%.

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