GD Captures Europe Markets

Generic Drugs after capturing the American drug market, now has captured the drug market in the European Countries. In American drug market, generic drugs have captured more than two third of the market. According the latest survey conducted by the leading pharmacy magazine, generic drugs have captured the drug market in the European nations. Generic drugs have captured more than 60% of the drug market in the Europe. According to the pharmacy dealers, during last 5 years there has been tremendous increase in the prescription of the generic drugs. Customers were always in the favor of generic drugs, but now doctors have also started favoring generic drugs. All the nations in Europe have approved the usage of generic drugs because they are safe and provide same effectiveness.

Generic drugs last year did the sale of the 8.9 billion euros in the European drugs that accounts to about 55% of the total sale of drugs in a year. Generic drugs because of the low price do the annual saving of 6 billion euros that accounts into the profits made by the generic drug manufacturers and insurers. Customers also prefer generic drugs because of very low prices in comparison to the original branded drug and same in effectiveness like the original drug. Even the government in the European nations and European Drug Agency, noted that the existence of a large market for generics is necessary because of the increasing customer demands.

Distributors of drugs in France, Italy, Portugal, Spain, and UK are supporting the sale of generic drugs in the markets as the profits earned on generic drugs are more in comparison to the original branded drugs and no complaints about the effectiveness are yet registered. The government is keen to control spiraling healthcare costs and therefore reducing pharmaceutical expenditure by using generics is a major aim. Generic medicines are supporting the sustainability of health care provision and contribute to controlling pharmaceutical expenditure.

The current generic market in Italy, valued at US$809 million in 2007, is small considering the size of the overall pharmaceutical market, partly due to extended national patent supplementary certificates. Thus, Italian government is trying hard to reduce the prices of generic drugs by cutting down the extra taxes. Italian government has also reduced the patent time of some branded drugs so that generic drugs for them could enter the market and ooze some pressure of the customers caused by high prices of branded drugs.

BMI values the generics market in the 8 states evaluated at US$27.8bn in 2008, and forecasts a rise of 61.7% to US$46.4 billion by 2012. Generic drugs will capture about 75% of drug market in the European nations by the end of 2015 and became the market leader. More companies manufacturing generic drugs are trying to enter in the European pharmacy market and will soon get the acceptance letter from the European Union for the sale of generic drugs in European nations. Generic drugs have already captured the European markets by capturing the 57% sales of drugs in Europe and one day you will not be surprised to see only generic drugs in the European drug market.