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Revenues within the global generics market hit an estimated value of $162 billion in 2011, showing a growth of 9.3% throughout the year. This value amounts to representing approximately 19% of the generic market share in the international pharmaceutical market.
The generics market is experiencing two opposing trends driven by the global recession. On the one hand, the use of generics is increasing due to their cost-effectiveness and adoption has accelerated in markets where brand-name prescribing was dominant.
On the other hand, the squeeze on government spending has not left generics untouched with many countries lowering generics prices through cuts in reimbursement rates or contract tendering with a resultant pressure on margins.
Huge rewards and strong competition are prompting generic drug manufacturers to closely examine the best way to maximise market share as the industry patent cliff approaches its peak.
The revenues of drugs subject to patent expiration between 2013 and 2020 are valued at over US$100 billion, offering producers of generics and biosimilars a fantastic opportunity to substantially bolster their own sales.
Companies such as Hospira are reaching out to new locales in order to build a global presence, while targeting governments looking to bring down healthcare costs. Exploiting pharmaceutically underdeveloped economies may allow generics firms to launch products first, challenging the intellectual property of proprietary pharmaceutical majors.
Generics producers also hope to capitalise on expiring patents by manufacturing complex generics that are difficult to reproduce.
These "super generics" have high barriers to entry, a greater price than most other generics and incur greater R&D costs; however, there is significant potential for super generics within specific therapeutic areas, such as cancer and conditions involving the central nervous system.
The global generics market is likely to witness strong growth in the next few years owing to the patent expiration of key blockbuster drugs and the judicious cost containment efforts of governments and healthcare service providers worldwide.
For more information on the global generics market, see the latest research: Global Generics Market
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