US generics market poised for 'stupendous' growth, says RNCOS

Backed by factors like patent expiration of drugs and aging population, the US generics market will expand at a compound annual growth rate (CAGR) of 10% during 2010-2013, says a new report from market analysts RNCOS.

According to the report, titled Booming US Generic Drug Market, the generic drug sector in the USA is one of the fastest growing sectors, both in terms of drug sales as well as prescriptions. The growth is primarily driven by prominent factors, such as patent expiration of key blockbuster drugs, price differences, aging population, and government support. The generic drugs industry in the US was valued at $81.5 billion in 2010.
Significant potential in human insulin

The research revealed human insulin segment to offer a significant growth potential for generics players as diabetes prevalence is rapidly increasing and there are key drugs going off-patent in the near future. Humalog (insulin lispro injection from Eli Lilly) and Novolog (insulin aspart from Novo Nordisk) are the key drugs whose patents are likely to get expired in 2014 and 2017, respectively. Moreover, the cost of insulin in the USA is one the highest in the world and no generic version of drugs is available at present.