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'Generic drugs market will reach $127.8 billion in 2013' predicts new Visiongain report

A new report by visiongain predicts that the world market for generic pharmaceuticals will reach $127.8bn in 2013. That revenue forecast and others appear in Generic Drugs: World Market 2013-2023, published in November 2012.

 
PRLog - Jan. 21, 2013 - LONDON, U.K. -- The world prescription generic drug industry stands at $110.8bn in 2011. If a more general definition of off-patent medicines is used to define generics, some estimates put the size of the industry at over $150bn. In the US, generic drug sales have more than tripled since 2000. Sales of generics there currently represent over 40% of worldwide sales, with generic drugs accounting for about 70% of the prescriptions dispensed in the US. This percentage is likely to increase as novel branded drugs face further competition from generic products. Other countries will experience similar trends, the report finds.

Visiongain forecasts that the overall generic drugs market will grow steadily to 2023. As general life expectancy rises, increasing numbers of elderly people in developed countries – and growing numbers of middle class consumers in developing countries – raise the demand for affordable medicines, especially generic drugs. There are many opportunities for companies providing generics, though competition is high in many national and therapeutic markets.

Dr Syed Ahmed, a senior pharmaceutical industry analyst in visiongain, said: “A number of factors have contributed to the growth of the world generics market. Prominent blockbuster drugs will lose patent protection in the next few years, with many having done so already. Novel pharmaceutical manufacturers are set to lose over $50bn in sales due to patent expiry in 2013 alone. That situation presents great opportunities for generics producers over the next 10 years. Also, growth in the generics industry and market will continue steadily as legislative demands to control healthcare costs increase, especially in the US and European markets. Many healthcare payers demand generic substitutes for branded prescription medicines, especially drugs with wide use.

“In addition, other growth drivers for the generics industry and market include a trend for innovator pharmaceutical companies to establish a presence in the generics market. To overcome what is perceived as big pharma’s continued innovation drought, leading companies such as Pfizer, Novartis and Sanofi have built partnerships with generic drug producers or purchased generic drug operations. Generics manufacturing companies seeking to increase scale, revenue, market share and competitive advantages have also been involved in mergers and acquisitions. Leading generics companies have also been active in geographical expansion, especially into developing countries. We predict those trends will continue.”

Visiongain’s report shows revenue forecasts to 2023 at overall world market and national level. Research, data and analyses cover activities of Teva, Sandoz (Novartis), Mylan, Apotex, Hospira, Watson and other generics specialists, as well as other pharma companies.

That study discusses developments and commercial news, shows research interviews and predicts individual revenues to 2023 in leading national markets. The work analyses the US, Japan, the UK, Germany, France, Spain, Italy, Turkey, Brazil, Mexico, South Korea, the Russian Federation, India and China.

Generic Drugs: World Market 2013-2023 adds to visiongain’s range of analytical reports on industries and markets in healthcare.

For sample pages and further information concerning the Visiongain report Generic Drugs: World Market 2013-2023, please visit: http://www.visiongain.com/Report/932/Generic-Drugs-World-...

For an executive summary please contact:
Email: Sara Peerun on sara.peerun@visiongainglobal.com
Tel: +44 (0) 20 7336 6100

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongainglobal.com or call her on +44 (0) 207 336 6100

About visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, visiongain produces a host of business-2-business conferences, newsletters, management reports and e-zines focusing on the Energy, Telecoms, Pharmaceutical, Defence, Materials sectors.

Visiongain publishes reports produced by its in-house analysts, who are qualified experts in their field. Visiongain has firmly established itself as the first port-of-call for the business professional, who needs independent, high quality, original material to rely and depend on.

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City/Town:London - London - United Kingdom
Industry:Medical, Health
Tags:generic drugs, drugs, pharma, drug industry, Medical
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