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Economical Cure - Generics to Penetrate 26% Pharma Market in
Canada
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.
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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.
Information Sources
Information has been sourced from various credible sources like 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 Method
The analysis methods include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis.
About RNCOS E-Services Pvt Ltd.
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.
For more information visit:
http://rncos.com/Report/IM598.htm
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