Asia-Pacific region pharma market set for near 13% CAGR, making up 28.5% of global sales by 2012; strong prospects in Australia

The Asia Pacific region has the potential to account for 28.5% of the total global pharmaceutical market and generate $260 billion revenue by the end of 2012, according to a forecast by Simranjit Singh, director of market research firm Frost & Sullivan.

Charting a solid 12.9% compound annual growth rate (CAGR) throughout 2009-2012, the Asia Pacific pharmaceutical market is looking at the next wave in evolution. Long term usage of multiple and specialized drugs, ever increasing aging population, shorter life expectancy, early chronic disease diagnosis and major drug patent expiries are key contributing factors leading governments to favor production and prescription of generics.

Global expiring drugs patents, such as Takeda/Eli Lilly's Actos (pioglitazone) for type 2 diabetes and AstraZeneca's cardiovascular drug Atacand (candesartan cilexetil), will soon face the end of its five-year protection mark and, from there on, it's fair game for anyone planning to produce alternatives for such medication. This will become one of the biggest driving factors for Asia Pacific's local governments to support the generics market.