NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/05/07 - With big government support, generics is expected to occupy 23% of total Brazilian pharmaceutical market by 2011 and will emerge as one of the largest generics markets in the world, predicts RNCOS.
A market research report “Generic Drugs Market in Brazil (2007-2011)” by the leading market research company RNCOS says that in terms of sales value, generics occupy nearly 11.8% of the Brazilian pharmaceutical market (as of 2007). At present, Brazil is the largest generic drugs market in Latin America and due to its strong growth potential, the country is expected to become one of the world’s largest generics market by 2011, accounting for 23% share in the total Brazilian pharmaceutical market.
The report cites generous government support to the pharmaceutical industry through implementation of various regulations such as generics law in 1999 and first marketing authorization in 2000 by the government as the major reason behind the strong growth observed in the Brazilian generic drugs market. Moreover, the pharmaceutical regulatory agency ANVISA has framed new regulations according to which, all drugs present in the Brazilian market will have to prove their bioequivalence or see withdrawal by 2014.
Other than the government support, patent expiration of many blockbuster drugs is also influencing the growth of generics in Brazil, says the RNCOS report.
Because of this strong growth, many international players are positioning themselves to leverage from the soaring Brazilian generics market, which is currently dominated by the domestic generics manufacturers, says the report. The research anticipates the investment in the country to grow substantially and reach around US$ 350 Million in short term.
However, says “Generic Drugs Market in Brazil (2007-2011)”, though the generics market of Brazil is growing phenomenally, there are some challenges which are hampering the growth curve, such as low prescriptions from the private sector, low penetration levels in the private sector, and prevalence of cheaper non-bioequivalent “similar drugs”.
The RNCOS research provides latest and detailed account of the generic drugs industry in Brazil. It analyzes the factors fuelling growth in the Brazilian generics market, reasons behind the large scale entry of foreign players into the country, growth prospects of the market, and market trends being observed in the country.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.