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Growing demand for inexpensive, effective drugs and continuing patent expiries provide growth prospects for European generics market, according to a market analysis consultancy.
A report by the company, Frost & Sullivan, says the European generics market earned revenues of $17.18bn in 2006 and is forecast to earn $35.9bn in 2013, according to a market analysis consultancy.
The document stresses that with an ageing population and costly drugs driving up healthcare costs, generic medicines are gaining significance in Europe. Governments are under pressure to cut healthcare expenditure, and generics are widely regarded as the best way to allow access to safe, effective, high-quality and affordable drugs.
Frost & Sullivan research analyst Sumanth Kambhammettu confirmed: