Generics Dominate the Pharmacy Market Worldwide

Generic drugs are dominating the pharmacy market worldwide. As per the recent survey conducted by the International Pharmaceutical Association, generics have captured 57% of the pharmaceutical market worldwide. The demand for the generics is increasing every year by around 10%. They have become the favorite choice of the customers to achieve the relief from the illnesses. One of the main reasons behind the increasing sale of the generics is their exceptionally low prices. In spite of the low prices, generics show the same effectiveness. Generic drugs are in so demand that medical shops have even started the special section entirely dedicated to the generic medications. The option of the generics has made it possible even for the people to buy the medication that they require in desired quality.

Generics are becoming the leading variety of the drugs in the pharmacy market rather than the branded drugs. There is always a rise in the sales of the generics, instead of the financial crises all over the world. The sale of the generic drugs increased once the Food and Drug Administration declared that they are absolutely safe and show the same effect as their branded counterpart. The people all over the world are favoring the generics as they are able to save a lot of money in this tough time of recession. Many people are even visiting only those doctors that are prescribing generic drugs. Nowadays even doctors have understood the importance of the generic drugs and have started prescribing the generic medications.

The pharmacy market worldwide previously was ruled by the branded drugs. Nobody was in the favor of the generic drugs because of the myths like generic drugs are of inferior quality and may harm your health. It is after 1998, the generic drugs started getting the better perspective in the market. This happened because of the single generic drug called Viagra. It was this drugs that revolutionized the pharmaceutical market and made people to believe in the generic drugs. The option of the generic Viagra became so famous that it is even today sold more than the branded drug. Generic medications have become a very suitable option of the people because of their low prices and good effectiveness.

All the medications are not affordable to the common man because of their high prices. This is where the generic drugs played a role. It became easy even for the common man to buy the medications because of the availability of the option of generic drugs. Previously doctor use to prescribe only the branded drugs because even they use to believe that generic drugs are of inferior quality, but due to their approval from the FDA and WHO even doctors have started prescribing generic medications. Even the insurance companies are asking doctors to prescribe the generic drugs because it is helping to do lot of profits. These all factors have together contributed behind increasing the sale of generic rugs worldwide.

In US market of drugs, generic medications hold about 70% of the share. In European nations, the sale of the generic drugs is noted to be increased by about 30% allowing the generic drugs to hold the market share of about 56%. Other countries are also favoring the generic drugs because these drugs are allowing the government to cut down the investments done in the drug sector. Generic drugs are dominating even the Australian market, and customers their over are favoring only the generics. Even some countries all the generic drugs are approved and manufacturers of generic drugs are making the exceptional profits because of this.