Noida, India (PressExposure) August 31, 2009 -- United States represents the worldâs largest pharmaceutical market, having share of around 40% of the global market. And in this, generics market in the US is playing an important part. The share of generics in total pharma prescription surged from 19% in 1984 to around 70% in 2008. This shows that generics have become an important segment in the US pharma market. This has been leading to rapid advancements in the generics market. According to our new econometrical study âBooming US Generic Drug Marketâ, generics market in the US is anticipated to surge at a CAGR of approx 10% during 2009-2012.
Our analysts have done extensive research on the US generics market to identify various trends prevailing across the market. According to our study, low cost factor is the main reason for increasing sales of generic drugs despite recession. In fact, recession has made generics preferred over the branded drugs as people are willing to bear lower healthcare expenses. Various other factors, like increasing ageing population, high number of uninsured people and increasing per capita drugs consumption, have also assisted in boosting the sales of generics.
As per our report, top ten companies in the US generics market hold the major share of total prescription in the market. But still, there are lot of opportunities for manufactures from Asia and Europe, which can generate good revenues by launching lower cost drugs in the market. Thus, price competition will play an important role in the market in future. The US government is also looking on generics industry to minimize the healthcare cost; however, litigation is still a problem there.
The report analyzes the key markets and segments of the industry to provide a brief account of the industryâs future scenario. According to our industry experts, various steps are required to be taken by the government to make the approval system easier in order to promote the industry development. The report also gives detailed analysis on the factors fuelling the growth of the US generics market. In addition to this, the report provides rational analysis and forecast on various segments and sectors of the US generic drug market.
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