Driven by factors like cost containment measures by the government, patent expiry of blockbuster drugs, and increasing awareness, the Japanese generic market is expected to show solid growth in future.
According to the report “Japanese Generic Market Forecast to 2013”, the generic drugs market in Japan shows immense potential as Japan is amongst the youngest generic markets in the world both in terms of value and volume. But with a number of factors operating in it, the market is expected to grow robustly in the next five years.
The report states that a number of factors will drive the market in future; this includes the generic-friendly nature of the Japanese government which is desperate to cut its surging healthcare costs, patent expiration of a number of blockbuster drugs, wide scale promotion and awareness campaigns of generics, and increasing investment by both domestic and international manufacturers in Japan.
The Japanese generic drugs market grew at a CAGR of 7.5% during 2003-2008, reaching ¥ 333 Billion (US$ 3.5 Billion). The growth rate is slower than the US and some European markets which till recently had been growing at double-digit rates. This is because despite being a young market, the awareness of generics in Japan is comparatively low and generics are still largely perceived as cheaper, low quality alternatives to patented drugs. The nationwide promotion and awareness campaign regarding the safety and efficacy of generics however is expected to change their perception and usage in future.
Our forecast models suggest that the generic drugs market will grow at a CAGR of nearly 9% from 2008 to 2013 to make up for 8% of the pharmaceutical market in terms of sales value and 29% in terms of the sales volume.
“Japanese Generic Market Forecast to 2013” gives extensive and objective analysis on the generic market in Japan. The report investigates both the past and present trends in the market, but its focus is on the future trends shaping the industry. The report also investigates the performance of various players in Japan’s pharmaceutical and generic markets, and analyzes the competitive landscape of the market.
Based on the various present and future indicators, the future scenario of the market has also been analyzed. The report thus gives valuable information to manufacturers/investors preparing to enter the Japanese generic market.