Pharmaceutical sales in the US surged strongly in 2009 pushed by the launch of several innovative products and higher demand.
Latest statistics from research firm IMS Health reveal that the ethical pharmaceutical and insulin sales in the US surged 5.1% in 2009 against just 1.8% increase in 2008, as per the news published by PharmaTimes
During the last year, both retail and non-retail channels sold drugs worth US$300.3 Billion. Moreover, demand in 2009 was higher than 2007 and 2008. In 2008, slow growth was recorded for the prescription sales due to lower sales of novel products and increased demand for relatively less expensive generic versions of drugs.
On the other hand, the increased growth of the sector in 2009 is attributed to the higher demand along with dispensed prescription volume in retail channels increasing 2.1% to 3.9 Billion dispensed prescriptions in comparison to the growth of only 1.0% in 2008. Moreover, contending on the basis of value and clinical evidence, drug manufacturers continued with the pricing practices.
Besides, patients got several new treatment options with the launch of 32 new products in the market last year. These products find application in a wide range of disease areas like thrombosis, cancer and atrial fibrillation. This also led to significant surge in drug spending.
In the coming five years, US will be the sole largest pharmaceutical market worldwide with an anticipated 3-6% annual growth, reaching $360 Billion to $390 Billion by 2014.
According to an industry research report “Booming US Generic Drug Market
” from RNCOS
, the share of generic market in the overall pharma market is projected to grow at a CAGR of nearly 8.8% during 2010-2013. The report states that factors such as patent expiry of blockbusters in 2010 and 2011 and government efforts to cut down healthcare costs will be mainly responsible for this growth.
A Research Analyst at RNCOS
says, “The recently approved healthcare reform will also largely help the US drug industry. The reform is expected to boost the generic drug industry growth. Further, considering the surging number of consumers insured with a drug benefit, demand for drugs is expected to increase in coming times.”
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