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Spoonful of sugar: Healthcare reform and patent expiration will boost industry revenue
Generic Pharmaceutical Manufacturing in the US
The Generic Pharmaceutical Manufacturing industry is expanding rapidly. An aging population with more chronic illnesses is driving demand for industry products, while regulatory provisions of the Patient Protection and Affordable Care Act expand consumer access to prescription insurance and provide increased opportunities for product development.
Over the past five years, industry revenue growth has outpaced revenue growth for the Brand Name Pharmaceutical Manufacturing industry (IBISWorld report 32541a). Many brand name manufacturers lost patent protection for blockbuster drugs during the period, increasing consumer demand for more affordable generic versions of these high-profile products. These trends will likely continue over the next five years.
However, while patent expirations have benefited industry revenue, they have also induced brand name manufacturers to cut costs, including research and development (R&D) spending. Lower R&D spending by brand name manufacturers decreases the total number of new pharmaceutical products coming off these manufacturers' drug pipelines, threatening the long-term viability of generics.Generic pharmaceutical and medicine manufacturers develop prescription and over-the-counter drug products that are used to prevent or treat illnesses in humans or animals. Generic drugs are produced and distributed without patent protection, and industry operators are not significantly engaged in the research and development of new drugs. The industry does not include manufacturers of nutritional supplements or cosmetic beauty products.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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