According to our recent research report “Booming US Generic Drug Market”, the generics market in the US has been surging at a fast pace for the past few years. Despite an economic slowdown, the market continued to perform well and had good revenue patterns. The growth is mainly driven by factors, like patent expiration of key blockbuster drugs, aging population, supporting political environment, and increasing pressures from insurance firms to reduce healthcare costs. The generic drugs industry in the US was valued at US$ 74 Billion in 2009, and is expected to grow further at a CAGR of around 10% during 2010-2013.
Our report has found that the government support through various policies and laws is one of the most important boosting factors for the US generics market. Healthcare Bill 2010 provides a revamping amount of nearly US$ 2.5 Trillion to the country’s healthcare sector. As generic medicines saved US$ 139.6 Billion in 2009 and US$ 824 Billion during the last decade for the US healthcare system, the officials prefer cost allocation to generics in spite of other branded drugs. Overall the proposal will benefit the generic industry of the country.
The report “Booming US Generic Drug Market” provides an overview of the current market trends that are likely to impact industry scenario and structure. One such trend is the rising availability of biosimilars mainly due to the high cost associated with biologic drugs. As the patents of first-generation products, like EPO, G-CSF, human growth hormone, insulin, and interferon are expiring; the market for generic versions of biologics is becoming more and more attractive. Other emerging trends, such as asthma and COPD drugs, anti-counterfeit coalition, and injectable generics are also providing momentum to the US generics market.
The report is an outcome of an in-depth research and prudent analysis of the US generics market that covers all the key aspects of industry and provides reliable statistics. The future projections in the report are based on methods and techniques that make the projection more realistic. Last but not the least, the coverage of market players, their recent activities, and SWOT analysis complete the overall picture of the concerned market.
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Article By: Shushmul Maheshwari