October 5, 2014 | According to “Research Markets,” in the period from 2008-2013, the Israel pharmaceutical market increased at a Compound Annual Growth Rate (CAGR) of 3 percent. While the Israeli pharmaceutical sector was worth $1.7 billion in 2008, it is projected to reach a value of $2.3 billion by 2020. In addition, the study found that the pharmaceutical sector is the largest and most established sector of the Israeli life sciences industry, with a total of 76 companies, 22 percent involved in drug discovery and 17 percent in drug delivery. This is helped by the fact that Israel is the headquarters to Teva Pharmaceuticals, one of the largest manufacturers and exporters of generic pharmaceuticals and active pharmaceutical ingredients in the world. Israel also has impressive R&D rates, with the highest number of registered medical device patents per capita in the world.