Generics expected to hit double-digit growth this year

The world market for generic drugs will jump more than 15% this year and reach a global total of $127.8 billion, a British market research firm predicted.

A report from Visiongane, “Generic Drugs: World Market 2013-2023,” estimated that branded drug manufacturers will see a $50 billion decline in total revenues this year as patents expire and generic competitors slice up the sales pie for more of the world’s biggest-selling medicines. “A number of factors have contributed to the growth of the world generics market,” Visiongain senior pharmaceutical industry analyst Syed Ahmed said. “Prominent blockbuster drugs will lose patent protection in the next few years, with many having done so already.”

Sales of generics in the United States represent more than 40% of worldwide sales and account for about 70% of prescriptions dispensed within the country, while sales here have more than tripled since 2000, according to the report.