LONDON, May 15, 2017 /PRNewswire/ -- The US generic drug market has witnessed a transformation over the last three decades.
From less than 20% of the total prescriptions, generic drugs now account for the majority of the total prescriptions dispensed in the United States. During 2010-2016, the US generic drug market grew at a CAGR of more than 13% and currently represents a multibillion dollar industry.
Here are some key findings of the study:
- The biggest catalyst of this industry is the significantly lower price of generics compared to branded drugs.
- Although generics are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price. This has enabled governments and third-party payers to save billions of dollars in healthcare expenditures and resulted in lower copayments for patients.
- Other factors such as patent expiration of blockbuster innovator drugs, ageing population and an increasing prevalence of chronic diseases have also acted as catalysts for this market.
This report can serve as an excellent guide for manufacturers, consultants, researchers, marketing strategists and all those who plan to foray into the US generic drug market in any form.
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