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Price Differential, Patent Expirations Spurring Growth in US Generic Market
May 15, 2008
The unbranded generic drug sector of the US drug market is the fastest growing sector, both in terms of prescriptions and sales, says the new RNCOS research report, “Booming US Generic Drug Market”. The report highlights that the US is the world’s largest generic drug market, where unbranded generics made up for over 50% of prescriptions and 10% of the total sales in the pharmaceutical market in 2006. Consequently, all major generic pharmaceutical companies have already entered the US pharma market and several others have their plans ready to enter the industry, making it more heated up.
Due to this, the US unbranded generic market is projected to contribute over 19% in the country’s total pharmaceutical market by 2011, according to the report.
The RNCOS research identifies the growth stimulus for the US unbranded generic drug market; it says that a large number of patent expirations, increasing expenditure on healthcare, and ageing population will impel the unbranded generic drug market towards growth.
Another reason for high growth, cited by the RNCOS report, in the US unbranded generic drug market is lower price of generic drugs compared to branded generic. For example, some unbranded generics are as low as 10% of the price of the equivalent branded drugs. Hence, the US government and private insurance companies are promoting the usage of unbranded generic drugs in the country. Not only this, patients too are now preferring generic drugs over branded drugs, thereby escalating the usage of generic drugs in the country.
The report anticipates that due to substantial price differential, the market share of unbranded generics will expand further as the segment is expected to record sales of US$ 93 Billion by 2010 globally.
“Booming US Generic Drug Market” is a comprehensive analysis of the US generic market where all the market segments are thoroughly studied and evaluated. The report focuses on the factors that separate the US generic drug market from other generic markets of the world. It also includes in-depth analysis of market drivers and restraints impacting the market.
For more information visit: http://www.rncos.com/Report/IM589.htm
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