China's Major Depression Drug Market will Triple by 2012
Physicians and Patients Prefer Western-Branded Drugs to Chinese-Manufactured Products, According to a Report from Decision Resources
WALTHAM, Mass, Nov. 17 /PRNewswire/ -- Decision Resources, one of the world's leading research and advisory firms focusing on pharmaceutical and healthcare issues, forecasts that the Chinese major depression drug market will triple by 2012, growing from $75 million in 2007 to $226 million in 2012. Selective serotonin reuptake inhibitors (SSRIs), the market-leading drug class, will continue to experience strong double-digit growth, contributing to the annual 20 percent growth of the major depression drug market during the forecast period.
According to the new Emerging Markets report entitled Major Depression in China, this growth will be fueled in part by increasing urbanization and a greater exposure to risk factors.
"The risk of major depression among urban populations is more than four times that of rural populations. Major depression is most common in urban areas of China with over 75 percent of prevalent cases found in these areas in 2007," stated Matthew Winton, Ph.D., analyst at Decision Resources.
The report also finds that Chinese physicians and patients prefer Western medicines to Chinese-manufactured products. Although Chinese physicians generally regard Western-manufactured antidepressants as being of much higher quality than locally manufactured drugs, many Chinese-manufactured drugs have achieved a majority of the market share, largely due to their lower prices.
"Western drug companies should consider competitive pricing of their branded drugs, relative to their Western competitors, as part of their strategic entry into China. Strategic pricing could offer multinational companies a distinct competitive advantage in this rapidly growing market," added Dr. Winton.
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