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  • Pharma companies move into generic drugs market

    The global generic drug industry has witnessed an almost decade-long sales euphoria and volumes and sales growth of prescription generic drugs continued to increase in 2009.

    In the 12 months ended September 2009, global prescription sales growth of generic drugs climbed by 7.7%, up from 3.6% in 2008, according to US-based health care information and consulting company IMS Health. This compares with the 5.7% growth seen within the overall global pharmaceutical universe last year, says Doug Long, vice-president, industry relations at IMS Health.

    During that 12-month period, global generic products generated $83bn (€59.8bn) in audited sales, according to IMS. US market data provider BCC Research estimates that the global market was worth $84bn in 2009.

    "The global industry virtually had 10 years in a row of good growth - not only in prescriptions but also in sales," says Long. "All the dynamics of the generics industry were strong and it seems to have even prospered more during the economic slowdown."

    Generics now account for 72% of the total US pharmaceutical market volume, reaching an all-time high in 2009, he adds. However, they still only account for 17% of total sales, despite generics sales having more than tripled since 2000. In the 12 months ended November 2009, the US generics market was valued by IMS at $31bn. BCC Research estimates the US market in 2009 at $34bn.

    BCC analyst Paul Evers notes continued volatility. "The demand for generics is increasing steadily because of pressure to control health care costs. But at the same time, fierce price competition is resulting in slashed profit margins for participating companies," he says. "A major growth driver for the generics sector is that several blockbuster pharmaceutical brands are coming off patent and therefore open to generic competition."

    BCC notes that Israel-based Teva Pharmaceutical Industries‘ (18% global market share), Switzerland-headquartered Novartis‘s US generics business, Sandoz (10%), and both US-based Mylan (6%), and Watson (6%) are leading generics manufacturers, already occupying 40% of the global market. IMS estimates that sales from the top 10 US generic players grew at an average of 13.2% last year.

    Source: http://www.icis.com/Articles/2010/02/15/9333169/generic-drugs-sales-continue-to-climb.html


  • Generic drugs expected to continue strong growth

    The global generic drug industry has witnessed an almost decade-long sales euphoria and volumes and sales growth of prescription generic drugs continued to increase in 2009.

    In the 12 months ended September 2009, global prescription sales growth of generic drugs climbed by 7.7%, up from 3.6% in 2008, according to US-based health care information and consulting company IMS Health. This compares with the 5.7% growth seen within the overall global pharmaceutical universe last year, says Doug Long, vice-president, industry relations at IMS Health.

    During that 12-month period, global generic products generated $83bn (€59.8bn) in audited sales, according to IMS. US market data provider BCC Research estimates that the global market was worth $84bn in 2009.

    "The global industry virtually had 10 years in a row of good growth - not only in prescriptions but also in sales," says Long. "All the dynamics of the generics industry were strong and it seems to have even prospered more during the economic slowdown."

    Generics now account for 72% of the total US pharmaceutical market volume, reaching an all-time high in 2009, he adds. However, they still only account for 17% of total sales, despite generics sales having more than tripled since 2000. In the 12 months ended November 2009, the US generics market was valued by IMS at $31bn. BCC Research estimates the US market in 2009 at $34bn.

    BCC analyst Paul Evers notes continued volatility. "The demand for generics is increasing steadily because of pressure to control health care costs. But at the same time, fierce price competition is resulting in slashed profit margins for participating companies," he says. "A major growth driver for the generics sector is that several blockbuster pharmaceutical brands are coming off patent and therefore open to generic competition."

    BCC notes that Israel-based Teva Pharmaceutical Industries‘ (18% global market share), Switzerland-headquartered Novartis‘s US generics business, Sandoz (10%), and both US-based Mylan (6%), and Watson (6%) are leading generics manufacturers, already occupying 40% of the global market. IMS estimates that sales from the top 10 US generic players grew at an average of 13.2% last year.

    Source: http://www.icis.com/Articles/2010/02/15/9333169/generic-drugs-sales-continue-to-climb.html

    Published Date: Feb 10 2010 12:00PM

  • Generic drugs save Americans $734 billion from 1999-2008

    According to a new analysis conducted by IMS Health and commissioned by the Generic Pharmaceutical Association (GPhA), generic medicines saved the American health care system more than $734 billion in the last decade (1999-2008), with approximately $121 billion in savings in 2008 alone.

    The Study’s Findings 

    The new analysis shows that from 1998 to 2004, savings from generics increased steadily at an annual rate of between 3% and 10%, with savings growing from $49 billion in 1999 to $69 billion in 2004. Beginning in 2005 and continuing through 2008, the savings generated by generics grew at a double-digit annual pace, with the highest growth rate coming in 2008 when the savings topped $121 billion, a full 20% ahead of the prior year.

    The higher growth rates seen during the most recent years of the study were driven by three factors: an increase in the overall percentage of generic utilization from 61% entering 2006 to 69% by the close of 2008;

    the successful implementation of the pivotal Hatch-Waxman reforms within 2003 Medicare Modernization Act; and the loss of patent protection by several brand-name blockbuster drugs, including Pravachol®, Ambien®, Fosamax®, Zoloft® and Zocor®.

    The study demonstrates a clear fact: the Hatch-Waxman Act, which gave birth to the modern generic pharmaceutical industry, is one of the most important pro-consumer pieces of legislation passed in the last 25 years.

    It established a balance between protecting intellectual property, that provides the incentives to innovate new medicines, and encouraging the development of safe, effective and more affordable generic versions of existing drugs. Since the enactment of Hatch-Waxman, generic competition has helped unleash unprecedented investment in new drug research and development, which in turn has led to a period of unparalleled pharmaceutical innovation.

    What We Need to Do 

    The IMS analysis shows the remarkable savings that generic medicines bring to the health care system. The fact is that a 3% increase in the national overall generic utilization rate could yield approximately $10 billion in additional savings; and in the Medicaid program alone, a 3% increase in generic utilization would generate approximately $1.4 billion in added savings.

    It is clear that the Obama Administration and Congress should increase investment in initiatives that would result in even greater savings. Specifically, our elected officials should:

    1. Increase investment in FDA’s Office of Generic Drugs (OGD) to ensure the timely review and approval of new generic pharmaceuticals
    2. Establish a science-based biogeneric approval pathway that promotes innovation while providing patients access to more affordable versions of lifesaving biologic medicines
    3. Encourage greater use of FDA-approved generic medicines in publicly-funded prescription drug benefit plans, such as Medicaid, Medicare and other federal/state programs.

     

  • Welcome to the World Trust Pharmacy Blog

    Providing you with RELEVANT, FREE and ESSENTIAL advice and news about the Generic Drugs Industry including:

    1. The latest news in the generic drug industry
    2. The latest generic drugs being released
    3. News that could affect generic drug pricing

    Thank you,
    World Trust Pharmacy News Team

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