LONDON — The global market for generic drugs will reach more than $125 billion next year, according to a new report by a British market-research firm.
Visiongane released its report, Generic Drugs: World Market 2013-2023, showing that the size of the market would increase to $127.8 billion from 2011's $110.8 billion. Sales of generics in the United States represent more than 40% of worldwide sales and account for about 70% of prescriptions dispensed within the country, while sales here have more than tripled since 2000, according to the report. The report included the United States, United Kingdom, Japan, Germany, France, Spain, Italy, Turkey, Brazil, Mexico, South Korea, Russia, India and China.
"A number of factors have contributed to the growth of the world generics market," Visiongain senior pharmaceutical industry analyst Syed Ahmed said. "Prominent blockbuster drugs will lose patent protection in the next few years, with many having done so already."
Ahmed said branded drug manufacturers were set to lose more than $50 billion in sales next year to patent expiries, and the report predicts steady growth in the overall generics market through 2023.