Brazil's generics market set for 19% CAGR, backed by government support

Brazil, one of the major emerging powers of the world, is marking its presence in almost every dimension of the global economy, including the generic drugs industry. The generics industry has registered a significant growth rate over the last few years.

The industry success is accredited to various factors like strong government support, high prevalence of diseases, inflow of investments and many more. According to industry intelligence firm RNCOS report, titled Brazil Generics Market Forecast to 2012, the Brazilian generics market will continue to witness the same uptrend in next few years. It is expected that the generics market will post a compound annual growth rate (CAGR) of nearly 19% between 2010 and 2012.

Brazil is currently the largest market for generic drugs in Latin America. Analyzing the current market scenario and positive future growth, the country is set to join the group of the most potential generic drugs markets in the world. The report’s authors say they have thoroughly examined the factors primarily responsible for growth of the generics industry, the biggest one among them being the strong government support that has made it a norm to prescribe generic in the public sector.