Global generics market expected to grow

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Global generics market expected to grow

INICIO/Informes | Posted 01/07/2016 0 Post your comment

A report on the global generics market forecasts that the market will grow at a compound annual growth rate (CAGR) of 10.53% during the period 2016–2020.

The report by ReportsnReports entitled ‘Global Generic Drugs Market 2016–2020’ was release in May 2016 and analyses the generics market across the globe, and also specifically by the Americas, Asia-Pacific (APAC), and Europe, the Middle East and Africa (EMEA) regions.

The report expects patent expiries to be a key driver for growth, both for generics and top-selling drugs. Analysts forecast that patents on drugs worth US$150 billion will expire by 2020, adding that by 2015 patents on drugs worth US$135 billion had already expired.

Outsourcing is one trend identified as influencing generics market growth. Vendors are increasingly using outsourcing as a business strategy as they have been experiencing a decline in venture capital investment. Some vendors outsource parts of their R & D process, such as product characterization and toxicology, to contract research organizations. Similarly, some outsource parts or even all of their manufacturing processes to other organizations.

A key challenge on the other hand is the threat of counterfeit drugs. Worldwide sales of counterfeit medicines were estimated to exceed US$75 billion in 2010, an increase of 90% since 2005. During 2010, one in six Americans purchased medicines on the Internet, ‘potentially exposing them to harmful counterfeits’, according to Pfizer and NABP. In 2010, seizures of fake medicines increased by 170% (US$5.6 million) compared to 2005 (US$2.1 million) [1].

The market, however, according to the report, is fragmented, with the top players accounting for 26% of global generics sales, but many players in the market. Key generics makers are reported to be Allergan, Mylan, Sandoz, STADA Arzneimittel, Sun Pharmaceuticals and Teva Pharmaceuticals.

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Reference
1. GaBI Online - Generics and Biosimilars Initiative. Pfizer and US pharmacies fight counterfeit medicines [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2016 Jul 1]. Available from: www.gabionline.net/Pharma-News/Pfizer-and-US-pharmacies-fight-counterfeit-medicines

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Source: ReportsnReports