US generic drugs industry to grow at a CAGR of 10% in 2010-13
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, said the research firm.
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 research firm 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 $2.5 trillion to the countryâ€™s healthcare sector.
As generic medicines saved $139.6 billion in 2009 and $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 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, adds the research firm.
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