Regulatory News: Global Generics Market to Grow 90% by 2017
24th January 2012
There has been a lot of discussion and speculations recently surrounding the financial impact of key blockbuster drugs preparing to go off-patent.
A report released last week has identified that drugs worth $150 billion will go off-patent between 2010 and 2017, helping to propel the generic-drugs market from revenues of $123.85 billion in 2010 to an estimated $231 billion in 2017.
However the report, Generic Pharmaceuticals Market — A Global Analysis, by Frost & Sullivan warns that as competition intensifies, generic-drug manufacturers will need to carefully consider their product segments and the appropriate time for market launch. Generic-drug companies will also have to deal with increasingly stringent regulations and price-control measures from governments, mainly being driven as a result of the aging population and the prevalence of chronic diseases which will continue to squeeze profit margins.
Large multinational generic drug companies will need to gain differentiation in the market to be successful by developing products
• with technologically challenging formulations
• which require significant regulatory support
• with limited availability of active pharmaceutical ingredients
Some companies have already forged strategic alliances with branded pharmaceutical companies for the marketing rights and exclusivity to certain generic blockbusters such as Lipitor and Crestor.
Many market-leading generic-drugs companies such as Teva, Sandoz, and Mylan, are also increasingly focusing more on biosimilars, which provide a competitive edge and offer potentially huge profit margins. In addition, difficult-to-produce generic drugs and speciality products are also attracting greater attention.
Reviewed by Natalie Hann, Marketing Manager
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