Generic drugs market will reach $127.8 billion in 2013, Visiongain predicts

The value of the world prescription generic drug industry stands at $110.8 billion in 2011 and is forecast to grow to $127.8 billion in 2013. If a more general definition of off-patent medicines is used to define generics, some estimates put the size of the industry at over $150 billion, according to a new report from business information group Visiongain.

In the USA, generic drug sales have more than tripled since 2000. Sales of generics there currently represent over 40% of worldwide turnover, with generic drugs accounting for about 70% of the prescriptions dispensed in the USA. This percentage is likely to increase as novel branded drugs face further competition from generic products. Other countries will experience similar trends, the report finds.

Visiongain forecasts that the overall generic drugs market will grow steadily to 2023. As general life expectancy rises, increasing numbers of elderly people in developed countries – and growing numbers of middle class consumers in developing countries – raise the demand for affordable medicines, especially generic drugs. There are many opportunities for companies providing generics, though competition is high in many national and therapeutic markets.