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:
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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.
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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.
About ReportbuyerReportbuyer is a leading industry intelligence solution that provides all market research reports from top publishershttp://www.reportbuyer.com
For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +44 208 816 85 48 Website: www.reportbuyer.com
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SOURCE ReportBuyer