Generics has market value of 80B US$ which makes it 40% of the global drug market

Print

Generic drug industry of China is growing at a tremendous rate of 25%

Generics has market value of 80B US$ which
makes it 40% of the global drug market

SHANGHAI: Currently, the global generic drug market has a value of 80 billion US dollars, making up over 40% of the overall global drug market, and is growing at a rate of 8% annually while the generic drug industry of China is growing at a tremendous rate of 25%. As the 12 th Five-Year Plan stipulates that the quality of generic drugs should be enhanced comprehensively, China’s generic drug market will change its strategy from “mere imitating” to “innovation”. Undoubtedly, the huge domestic market of generic drugs will be subject to the market criterion of “survival of the fittest”.
In recent years, new drugs are coming more and more infrequently in overseas markets and the world’s bulk drug industry is gradually shifting itself towards developing countries. The next few years will see the peak period of patent expirations for international drugs. China and many other developing countries will become major transfer destinations of the generic drug industry for further growth. In such a situation, generic drugs promise to become a “footboard” for China’s pharmaceutical industry. Pharmaceutical enterprises may combine imitation with manufacture and have much to do in process innovation on China’s generic drug market, which is characterized by “domestication of international competition and internationalization of domestic competition”.
Recently, to learn more about some of the hot topics in the generics industry, the committee of The 3rd NextGen China 2013 interviewed Mr. Xie Mufeng, Deputy Director of the Pharmacist from the Shanghai Institute for Food and Drug Control. Given below are the excerpts from the conversation.

Q: Where do you see the opportunities and challenges for the generics industry while consistency evaluation is being made of generic drugs?

A: The present task, a task of fundamental significance that will lead people to know where our weaknesses lie and inspire them to pluck up courage to advance, will greatly raise the quality of China’s generic drugs and enhance the generics industry’s awareness of the importance of pharmacy. It will also help lay a solid foundation for China’s industrial pharmacy, which is the core of the generics industry in terms of high technology, serving to maintain the stability and uniformity of generic drugs. It is difficult to predict how much impact it may bring upon the generics industry. We have to wait and see.

Q: How long do you think it will take China to turn from a big country of generics to a strong power of generics? Who do you think will become the new protagonist on the generics market in China?

A: The present task will function as a catalyst to boost the whole industry. The multiple requirements of the final product -- the medical preparations -- will stimulate the development of the entire industrial chain because preparation manufacturers will have to make an in-depth study of and set strict limitations to the various kinds of manufacturing elements like process development, bulk drugs, accessories, and preparation equipment, thereby spurring the upgrade and transition of all the productive links, making efforts to seize the domestic market, reducing the government expenditure in healthcare costs, and finally helping China-made quality generics to make access to the international mainstream markets.

© Professional Medical Publications. All rights reserved.