Noida, India (PressExposure) August 24, 2009 -- Canada represents one of the fastest growing generics market in the world duly supported by government cost containment measures and patent expiry of branded drugs which formerly had billions of dollars sales in the country. This has lead generic drug category to hold more than half of the total pharma prescription and 23% of the total pharmaceutical sales in 2008. This shows that generics have become an important segment in the Canadian pharmaceutical market, which is anticipated to grow at a CAGR of above 14% during 2009-2013, says our new report âGeneric Drug Market in Canadaâ.
We have done extensive research on Canadian generics market and identified various decisive trends taking place across the market. We have concluded that low cost factor is the principal reason which is driving the generics market growth despite recession. Various other factors, such as increasing aging population and increasing per capita drug consumption, have supported the market to outperform branded drug market, both in terms of sales and prescription growth rates across the nation.
In terms of sales and prescription, the top ten companies accounted for the major share of the nationâs total market. This signifies the low competition levels in Canadaâs generics market and can be perceived as a market with immense potential for new entrants. The increasing mergers and acquisitions in the market are also ensuring the profitable entry of new players, mainly from Asia and Europe with their low cost-high quality generic drug offerings.
Our recent study evaluates the key markets trends and segments of industry to provide the conceptual future scenario of the industry. According to an analyst at RNCOS, âThe government should take proactive actions to ease the drug approval system in order to promote the industry development which will empower generic drug segment to achieve its full potential in the country.â The report also provides detailed analysis of the factors which are fueling the growth of Canadian generics market. It also provides rational analysis and forecast on various segments and sectors of the industry.
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