Patent expiries on blockbusters and health care cost-cutting drive generics market
With several major blockbuster drugs reaching patent expiry, the market for generic pharmaceuticals in the USA is booming and is set to witness significant growth over the next few years. Demand for lower health care costs and pressure from payers to increase the use of generic medicines are also major drivers for this market as these drugs are considerably less expensive than the blockbuster medicines developed by branded pharmaceutical companies.
A new analysis from market research company Frost & Sullivan, entitled US Generic Pharmaceuticals Market Outlook, reveals that this sector of the market earned revenues of $24.71 billion in 2006 and estimates this to reach $49.49 billion in 2013.
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