/24-7PressRelease/ - NEW DELHI, INDIA, July 17, 2008 - RNCOS has recently added a new Market Research Report titled, "Booming US Generic Drug Market" to its report gallery. The report does a thorough investigation of both the drivers as well as restraints impacting the market, and the factors that distinguish the US from other generic markets of the world.
The US represents the world's largest market for generic drugs with unbranded generics accounting for more than 50% prescriptions and 10% sales out of the total pharmaceutical market in 2006. The market is driven by several factors, including lower costs, a favorable political environment, and rapidly increasing ageing population.
The top 10 players in the US presently occupy more than 70% of the generic market, with Teva, Sandoz (Novartis) and Mylan leading the market. However, the huge potential and growth of this market is also attracting several Asian and Eastern European players. Thus, competition in this market is expected to heat up in future making the market extremely price sensitive.
Although several challenges, such as price erosion and litigations from branded manufacturers, may hamper growth, the overall growth prospects of the market are good. The market is expected to get a strong boost with the patent expiry of several blockbuster drugs in the next five years and also with the launch of biogenerics (expected in around 2010). Overall, the unbranded generic market is expected to continue its double-digit growth rate between 2007 and 2011 and generate revenues worth more than US$ 69 Billion by 2011.
Key Findings
- Unbranded generics grew faster than branded drugs, biotech drugs and branded generics between 2004 and 2006.
- The sales volume of drugs in the pharmaceutical market is being driven strongly by the sale of generics.
- The Hatchman-Waxman Act was a major boost to the generic business in the US.
- The patent expiry of key biotech drugs is creating opportunities for biogenerics.
- Generic substitution of branded drugs resulted in estimated savings of US$ 10.2 Billion in the US in 2006.
- Unbranded generics are expected to occupy more than 19% of the US pharmaceutical market by 2011.
Key Issues & Facts Analyzed
- Evaluation of past, current and future market trends
- Discussion about the size and growth of the market
- Market evaluation by segments
- Analysis of healthcare indicators
- Future prospects of the generic market
- Analysis of various challenges and opportunities for the industry
- Profile discussion of key players in this sector
Key Players Analyzed
This section provides the overview, key facts, and financial information of prominent players in the US generic market, such as Teva Pharmaceutical Industries Limited, Sandoz Inc., Mylan Laboratories Inc., Watson Pharmaceuticals, Inc. and Actavis Group hf.
Research Methodology Used
Information Sources
Information has been sourced from books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.
Analysis Methods
The analysis methods include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis.
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