Generic Pharmaceutical Manufacturing in Canada - Industry Market Research Report
Generic Pharmaceutical Manufacturing in Canada
Over the past five years, generic prescriptions have accounted for a larger share of total prescriptions dispensed by volume. According to data from the Canadian Generic Pharmaceutical Association, the average generic drug retail price declined during the past decade. To cut healthcare costs, many provinces and territories have set more stringent price caps for generic drugs, effectively preventing generics from exceeding a set share of the brand name drug equivalent's price. Still, robust generic drug utilization rates have buoyed industry demand. Since a large portion of healthcare costs are covered by federal healthcare plans, the government encourages the consumption of generic drugs due to deep discounts compared with their brand name counterparts. Accordingly, industry revenue is expected to grow over the five years to 2018. Over the next five years, provincial and territorial regulations for generic drug prices will likely become more stringent, dampening industry revenue growth. However, as biologic drugs lose their patent exclusivity, more biosimilar drugs will enter the market, boosting industry revenue. While consumer access to relatively high-cost generic drugs will rise, specifically specialty and oncologic drugs, generics will be exposed to greater pricing pressures. Consequently, over the five years to 2023, industry revenue is forecast to grow more slowly.
The Generic Pharmaceutical Manufacturing industry in Canada develops prescription and over-the-counter drug products that are used to prevent or treat illnesses in humans or animals. Generic drugs are produced and distributed without patent protection, and industry operators are not significantly engaged in the research and development of new drugs. The industry does not include manufacturers of nutritional supplements or cosmetic beauty products.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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