Generic drugs have low research & development requirements. As a result, the costs involved in developing and manufacturing them are significantly lower than their branded counterparts. This allows generic manufacturers to price their drugs considerably lower compared to branded drugs. This has ultimately enabled the government, third-party payers and patients to save billions of dollars on healthcare expenditures.
A recently released report by IMARC Group titled “US Generic Drug Market – Industry Trends, Competitive Landscape, Opportunities and Outlook” provides a deep insight into the generic drugs market in the US. Over the last three decades, the US generic drug market has experienced robust growth and currently represents the world’s biggest market for generic drugs. From less than 20% of the total prescriptions, generic drugs now account for the majority of the total prescriptions dispensed in the US. The report cites several factors that are currently catalysing the growth of the US generic drug market. One of the major factors that has contributed to the growth of this market is the patent expiry of a number of blockbuster branded drugs. Once branded drugs go off-patent, manufacturers can launch generic versions of these drugs. As these drugs have low research & development requirements, the costs involved in developing and manufacturing them are significantly lower than branded drugs. This allows generic manufacturers to price their drugs considerably lower compared to branded drugs. This has ultimately enabled the government, third-party payers and patients to save billions of dollars on healthcare expenditures. Other growth inducing factors include aging population, increasing prevalence of chronic diseases and incentives offered to physicians and pharmacists to promote generics. According to the report, the market for generic drugs in the US reached values worth US$ 74.5 Billion in 2015, representing a CAGR of 13.3% during 2010-2015. Estimates by IMARC Group further suggest that the market is expected to grow at a CAGR of 11% during 2016-2021 reaching figures worth US$ 141.5 Billion by 2021.
Browse full report at: http://www.imarcgroup.com/us-generics-market
The report has bifurcated the market on the basis of branded and unbranded generics. Currently, unbranded generics dominate the market and account for the majority of the total generic prescription volumes. The report has further segmented the market on the basis of distribution. Some of the key purchasers of generic drugs in the US include Red Oak Sourcing, Walgreens Boots Alliance, McKesson One Stop, Econdisc Contracting Solutions, etc. The report has also provided a detailed competitive landscape analysis covering the key players operating in this market. At present, Teva represents the largest generic manufacturer in the US accounting for around a fifth of the total generic sales. Other major players include: Mylan Labs Inc., Sandoz, Endo/Par and Sun Pharmaceutical.
This report provides a comprehensive insight into the historical and current trends as well as the future prospects of the generic drug market in the US. This study serves as an exceptional tool to understand the sales trends, volume trends, growth, key segments, competitive structure, regulations, major manufacturer, major distributors, top drugs, manufacturing requirements, opportunities and future prospects of the US generic drug market. This report can serve as an excellent guide for manufacturers, consultants, researchers, marketing strategists and all those who plan to foray into the US generic drug market in any form.
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Last updated on: 05/10/2016
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