During the 5th member congress of the China Medicare Association, a report entitled “Global Trends of Generic Drugs and Their Impact on the Pharmaceutical Industry Development Trends†attracted the attention of delegates. The report expounded the influence of the current global generic drugs and their market opportunities from a macro perspective.
Occupation rate soaring
According to statistics, the total value of the global pharmaceutical market is 700 billion U.S. dollars, and the industry growth rate has remained at 5% to 6% for several consecutive years, ranking 15th among all industry growth rates.
Of the top 50 companies with the highest profits in the world, 10 are occupied by pharmaceutical companies. The growth of the pharmaceutical industry is still promising, but it has not been the level of growth of the previous century. After careful analysis, it is not difficult to find that the factors that drive the growth of the industry are undergoing tremendous changes. Among them, the influence of generic drugs cannot be underestimated.
The report pointed out that the growth momentum of the pharmaceutical market stems from the increase in the use of specialty products, the expansion of the market share of original research products whose patents have not yet expired, and the rapid growth of generic drugs. The annual growth rate of generic drugs has reached 14%, far higher than the industry average.
It is an indisputable fact that the number of discoveries of new drugs is slowly increasing. Authoritative organizations expect that the number of new chemical molecules discovered in 2008 will not exceed 30. Although there were 105 blockbusters that had sold more than US$1 billion in global sales in 2007, US$20 billion worth of product patents expired in 2010. In other words, the “bombshell†expires faster than the new patented product. On the other hand, sales of the top ten pharmaceutical companies in pharmaceuticals accounted for about 50% of the global pharmaceutical market in 2003, and this year is expected to drop to 32%. Their lost market share is mainly driven by generic pharmaceutical companies.
Pulling in emerging markets
There have been authoritative agencies in the prediction of global pharmaceutical market sales in 2008 that the United States market is 41% of the world, Western Europe and Japan were 25% and 9% respectively, but the growth momentum of these countries and regions has slowed down significantly, even lower than the global Average growth rate.
In this context, emerging markets have actively promoted the growth of the global pharmaceutical market with a high growth rate of more than 10%. These emerging markets include China, India, Russia, South Korea, Brazil, Mexico and Turkey. In the rise of emerging markets, its pharmaceutical structure also affects the global pharmaceutical structure, and generic drugs play a major role in these markets.
At the same time, the demand for drug price reduction by global drug fee payers has become increasingly urgent, and government-led policies have stimulated sales of generic drugs. Even the policies introduced in some mature markets provide a great opportunity for the sale of generic drugs.
Taking Europe, the United States, and Japan as an example, its pharmaceutical market is dominated by the proportion of internationally recognized generic pharmaceutical companies, but pharmaceutical companies in these countries have not developed new markets well. In fact, the brand's influence in the current generic market is not so great. The enlightenment that the above brings to China's generic pharmaceutical companies is: While marching into the international generic drug market, Do not miss out on the local market. The global generic drug market still has a lot to explore, especially non-regulatory markets.
Occupation rate soaring
According to statistics, the total value of the global pharmaceutical market is 700 billion U.S. dollars, and the industry growth rate has remained at 5% to 6% for several consecutive years, ranking 15th among all industry growth rates.
Of the top 50 companies with the highest profits in the world, 10 are occupied by pharmaceutical companies. The growth of the pharmaceutical industry is still promising, but it has not been the level of growth of the previous century. After careful analysis, it is not difficult to find that the factors that drive the growth of the industry are undergoing tremendous changes. Among them, the influence of generic drugs cannot be underestimated.
The report pointed out that the growth momentum of the pharmaceutical market stems from the increase in the use of specialty products, the expansion of the market share of original research products whose patents have not yet expired, and the rapid growth of generic drugs. The annual growth rate of generic drugs has reached 14%, far higher than the industry average.
It is an indisputable fact that the number of discoveries of new drugs is slowly increasing. Authoritative organizations expect that the number of new chemical molecules discovered in 2008 will not exceed 30. Although there were 105 blockbusters that had sold more than US$1 billion in global sales in 2007, US$20 billion worth of product patents expired in 2010. In other words, the “bombshell†expires faster than the new patented product. On the other hand, sales of the top ten pharmaceutical companies in pharmaceuticals accounted for about 50% of the global pharmaceutical market in 2003, and this year is expected to drop to 32%. Their lost market share is mainly driven by generic pharmaceutical companies.
Pulling in emerging markets
There have been authoritative agencies in the prediction of global pharmaceutical market sales in 2008 that the United States market is 41% of the world, Western Europe and Japan were 25% and 9% respectively, but the growth momentum of these countries and regions has slowed down significantly, even lower than the global Average growth rate.
In this context, emerging markets have actively promoted the growth of the global pharmaceutical market with a high growth rate of more than 10%. These emerging markets include China, India, Russia, South Korea, Brazil, Mexico and Turkey. In the rise of emerging markets, its pharmaceutical structure also affects the global pharmaceutical structure, and generic drugs play a major role in these markets.
At the same time, the demand for drug price reduction by global drug fee payers has become increasingly urgent, and government-led policies have stimulated sales of generic drugs. Even the policies introduced in some mature markets provide a great opportunity for the sale of generic drugs.
Taking Europe, the United States, and Japan as an example, its pharmaceutical market is dominated by the proportion of internationally recognized generic pharmaceutical companies, but pharmaceutical companies in these countries have not developed new markets well. In fact, the brand's influence in the current generic market is not so great. The enlightenment that the above brings to China's generic pharmaceutical companies is: While marching into the international generic drug market, Do not miss out on the local market. The global generic drug market still has a lot to explore, especially non-regulatory markets.
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