GROWTH of the generic pharmaceutical market, locally and globally, seems set to accelerate rapidly in 2012, building on the significant momentum the sector achieved last year.
“We anticipate that the generics industry will experience considerable growth in the coming year, after the average 11% growth we saw locally in 2011,” said Paul Anley, CEO of generic pharmaceutical company Pharma Dynamics, whose 42% annual growth makes it the fastest-growing pharmaceutical company in South Africa.
Anley said the expected gains in 2012 could be ascribed mainly to the spiralling cost of healthcare and the expiry of a number of patents.
“There is now tremendous pressure on medical aid schemes, and the need to cut costs is higher than ever. This need to contain costs will inevitably lead to a move towards generic alternatives from expensive originator drugs.”
He said a number of products were coming off patent, especially in the cardiovascular category. This meant that more new generic medicines would be coming on to the market, and these cheaper treatments were likely to be an attractive option for medical aid schemes and patients alike. — WR.
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