Generics will limit growth in French pharma market, says report

The French pharmaceutical market is forecast to grow at a tepid compound annual growth rate (CAGR) of 0.7% from $46.2 billion in 2014 to $48.2 billion by 2020, restricted by an increasing focus on generic drugs, according to a new study.

Research and consulting firm GlobalData’s latest report states that France was a relatively late entrant to the generics market compared to the UK and Germany. In 2008, generic drugs accounted for 21.7% of the pharmaceutical market in terms of volume, which increased to 30.2% in 2013.

Joshua Owide, GlobalData’s director of healthcare industry dynamics, says that the French government is promoting generics as a measure to reduce health care expenditure. In September 2012, it introduced a scheme under which patients who agree to generic substitution will not be required to pay for their drugs.