NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/06/09 - By 2012, generics is projected to account for about 26% of total Canadian pharmaceutical market as the penetration of generics is growing rapidly in the country, says RNCOS research.
According to the latest RNCOS research report, “Generic Drug Market in Canada”, generics is increasingly penetrating the pharmaceutical market of Canada, and by 2012, the segment is forecasted to make up for around 26% of the total Canadian pharmaceutical sales.
The report recognizes tremendous cost savings provided by the generic drugs as one of the major growth drivers for the Canadian generics market. This is because generics, unlike branded drugs, do not require costly clinical trials and development process and thus, the prices of generics are lower in comparison to other branded drugs. For instance, average price of a generic drug was US$ 24.68 (CA$ 24.75) in 2006, which is nearly 61% less than the price of a branded drug.
Therefore, due to low prices of generics, consumers and insurance companies saved around CA$ 500 Million (US$ 500 Million) in 2006 in drug purchases. Also, due to the use of generics in place of branded drugs, consumers have saved big amounts by paying lower copayments, while both private as well as public insurance companies have saved from low prices of drugs. Resultantly, generics usage is being strongly pitched in Canada.
Furthermore, patent expiration of major blockbuster drugs is also considered as a major factor influencing the growth of generics market in the country. According to the Canadian IPR (Intellectual Property Rights) laws, generic makers can design generic versions of branded drugs after the expiration of their patent. Thus, all the drugs, which have lost their market exclusivity and patent in Canada, can be sold as generic versions.
And as several blockbusters are anticipated to lose their patent protection in short-term (2008-2012), this will pave the way for the growth of generics market.
“Generic Drug Market in Canada” provides complete evaluation of positive as well as negative factors which differentiate the country from European and the US generics market. The report also identifies the reasons for influx of foreign players to the Canadian market. Also, it gives objective analysis on the generics market and based on that, provides forecast on healthcare spending, share of branded & generic drug sales in pharmaceutical market, share of branded & generic drugs by prescription, and sales analysis of pharmaceuticals, generic drug and branded drug.
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.