Delhi, India (PressExposure) January 12, 2009 -- According to the report âJapanese Generic Market Forecast to 2013â, the Japanese government spent around 7% of the countryâs GDP on healthcare services in 2008, and this percentage is increasing at an alarming rate due to surging therapy cost with advancing technology. Itâs expected that if serious cost containment measures are not taken by the government, then the total funding gap would reach around US$ 202 Billion by 2020 and 465 Billion by 2035, jeopardizing the entire healthcare structure.
Pharmaceuticals account for a major share in the government healthcare expenditure. As pharmaceutical drugs are expensive, the government encourages the sales and investment in the generic market. This led to the introduction of a step-by-step policy to boost generic sales from the early years of this decade, including subsidies for doctors who merely explain the benefits of generic substitutes. Pharmacists are also receiving government cash for dispensing non-patented medicines.
In an effort to encourage the use of generic drugs, the government is also expected to create a system in which patients opting for previously patented medications will have to shoulder a larger financial burden if an equally effective generic version exists. Under the new system, insurance coverage of drugs will also be decided by assessing the average price of existing generic treatments if both original and generic versions are available.
Other factors such as new regulations for biogenerics, introduction of a faster system for approving new drug applications, and removal of the obligation to manufacture locally are also expected to push the Japanese generic drugs market in future. The last change is particularly a significant one since it means that pharma companies can market their drugs in Japan without having to operate their own production facilities.
Driven by these factors, our forecast models expect the generic market to grow at a CAGR of nearly 9% between 2008 and 2013.
âJapanese Generic Market Forecast to 2013â gives an extensive and objective analysis on the generic market in Japan. It investigates both the past and present trends in the generic market, with its focus on the future trends shaping the industry. It also features the performance of various players in Japanese pharmaceutical and generic markets and analyzes the competitive landscape of the markets. Based on various present and future indicators, the future scenario of the market has also been analyzed.
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