Generic Drug Market in Canada

In 2008, Generics Accounted For More Than 51% Prescriptions And Around 23% Sales Of The Canada Pharmaceutical Market

New report provides detailed analysis of the Healthcare and Medical market


LONDON, ENGLAND

 

Generic Drug Market in Canada

Canada represents one of the largest markets for pharmaceuticals in the world, with a huge potential for generics. In 2008, generics accounted for more than 51% prescriptions and around 23% sales of the total pharmaceutical market. The Canadian generics market is benefitting from several factors such as patent expiry of several blockbuster drugs, lower costs, cost containment measures by the government and rapidly ageing population, according to "Generic Drug Market in Canada", a comprehensive market research report by RNCOS.

The report thoroughly evaluates factors that distinguish Canada from other generics markets both in positive and negative ways. A major factor that differentiates the Canadian generics market from the US and most European markets is comparatively higher prices of generics and lower price erosion. As this characteristic of the market allows manufacturers to fetch better margins from their drugs, many foreign players have shown keen interest to enter the Canadian generics market to make most of this lucrative characteristic.

At present, drugs to treat chronic diseases account for most of the pharmaceutical market, with cardiovascular drugs holding the top spot. However, strong growth is expected in other chronic segments, particularly in cancer and diabetes.

Although the Canadian generics market has huge growth potential, recent government regulations and various other challenges can significantly hamper the development of the market. However, low cost of generics and billion dollar drug patent expiries will enable the generics market to continue its double-digit growth in the next five years.

Suggested Articles

Five Prime Therapeutics’ clinical development lead is hoping for a more stable time at new employer Spectrum Pharma.

The update comes as Gilead closes in on a FDA approval that will position it to compete with JAK inhibitors sold by AbbVie, Eli Lilly and Pfizer.

Just weeks after the biotech raised a $63 million round, Accent Therapeutics is striking its first Big Pharma partnership with AstraZeneca.