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15 June 2016Africa

Report predicts generic drugs will soar by 2020

The “Global Generic Drugs Market 2016-2020” report predicts that the expiry of patents for branded drugs, worth $150 billion, will allow generic companies to prosper by 2020.

The report, which was published in May, predicts that the generic market will become far more competitive as many drugs are set to lose their patents between the years 2016 and 2020.

Looking back, at the end of 2015 patents for branded drugs with sales of up to $135 billion expired, “offering pharmaceutical companies opportunities to capitalise on this market”, the report said.

The report further predicts that the global generic drugs market will grow at a compound annual growth rate of 10.53% in the next five years, due to companies’ increasing trend of outsourcing drug development as a business strategy.

The report, written by Infiniti Research Limited, is an in-depth market analysis with inputs from industry experts.

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