LONDON, November 28, 2012 /PRNewswire/ --
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. Visiongain is a business information provider based in London, UK.
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-Market-2013-2023
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Aché Laboratórios Farmacêuticos
Asociación Española de Fabricantes de Sustancias y Especialidades Farmacéuticas Genéricas (AESEG)
Assogenerici - Associazione Nazionale Industrie Farmaci Generici
Bioniche Pharma Holdings
Biotechnology Industry Organization (BIO)
Blue Cross Blue Shield Association (BCBSA)
British Generics Manufacturers Association (BGMA)
Centers for Medicare and Medicaid Services
Chon Kun Dang
Committee for Medicinal Products for Human Use (CHMP)
Congressional Budget Office (CBO)
Corporación Infarmasa ("Infarmasa", Peru)
Corporación Infarmasa [Peru]
Dr. Reddy's Laboratories
EMS Sigma Pharma
European Commission (EC)
European Court of Justice
European Generic Medicines Association (EGA)
European Medicines Agency (EMA/EMEA)
European Union (EU)
Farmacia del Ahorro
Federal Trade Commission (FTC)
Food and Drug Administration (US FDA)
Generic Pharmaceutical Association (GPhA)
German Association of Pharmacists (ABDA)
Health, Education, Labor and Pensions (HELP, US Senate Committee)
Healthcare Economics LLC
Hospira Healthcare India
Johnson & Johnson
Merck & Co.
Ministry of Health, Labour and Welfare [Japan]
National Health Service (UK NHS)
National Institute for Biological Standards and Control (NIBSC, UK)
Office of Generic Drugs (OGD, US FDA)
Orchid Chemicals & Pharmaceuticals
Pharmaceutical Research and Manufacturers of America (PhRMA)
RBC Capital Markets
Sanofi (formerly sanofi-aventis)
Specifar Pharmaceuticals SA
Stada Arzneimittel AG
Taisho Pharmaceutical Industries
Takeda Pharmaceutical Company
Teva Parenteral Medicines
Teva Pharmaceutical Industries
The Rohatyn Group
UK Department of Health
World Trade Organization (WTO)
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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.
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