Beginning in late 2003, the President and Vice President of IFPMA initiated a process by which the structure, agenda and priorities of IFPMA were reviewed. At the IFPMA General Assembly, held on October 27, 2004 in Barcelona, Spain, the revised organisation of IFPMA was presented. Based on the new strategic agenda, a new set of statutes were approved. As a result of these statutory changes, IFPMA adopted a new membership structure to include member companies as direct members.

The members of IFPMA are national or regional pharmaceutical industry associations in more than 60 countries in both the industrialised and developing countries, and research-based pharmaceutical, biotech, and vaccine companies. Any pharmaceutical company may be admitted as a member of IFPMA on respecting the conditions of membership.

IFPMA Member Associations
Member Associations are in direct membership of the Federation except in the case of the Latin American countries (other than INTERFARMA of Brazil), which belong through the regional organisation, Federación Latino Americana de la Industria Farmacéutica (FIFARMA). The conditions for membership of the Federation include commitments by the association, on behalf of its members to good manufacturing practices and acceptance of the provisions of the IFPMA Code of Pharmaceutical Marketing Practices.