The generics market in Japan will witness strong CAGR of around 9% in 2009-2013 on the back of strong government support and largely untapped nature.
The generics segment is a newly emerging area in the Japanese pharmaceutical industry. Currently, it accounts for just 5% of the Japanese drug market but the market size is likely to grow many folds. The government officials with a view to bring down healthcare costs are encouraging doctors to prescribe generics to the patients.
According to a new research report, “Japanese Generic Market Forecast to 2013”, also says that the generics market is expected to grow at a CAGR of around 9% during 2009-2013.
The report further states that the country’s per capita expenditure on healthcare is comparable to that of many western countries. Moreover, the country’s share of total health expenditure dedicated to drugs is very high. The government therefore has come up with reform measures and programs to support the generics sales and investments made by the global giants in this sector.
The Japanese Ministry of Health, for example, announced a program two years ago to increase generic drugs market share from 17% to more than 30% by 2012. Besides, the government introduced a generic substitution system in which pharmacists are allowed to substitute generic drugs if doctors do not specify that a brand name drug is to be dispensed.
In the report “Japanese Generic Market Forecast to 2013” finds out that there is a big opportunity for the drug makers to make investments into the country as the global financial crisis is not leaping enough margins to the generic manufacturers in the European countries. They can set high prices and leap high margins in less intense competition and the unexploited nature of the Japanese generics market.
The report provides the detailed study and rational analysis of the Japanese generic drug market. The report covers various aspects that influence the growth pattern of the generics including various macro-economic variables such as population, healthcare expenditure, personal disposable income levels of the consumers and the GDP growth rates. Besides, it studies the prevailing market trends and the past market performance with their impact on the future growth of the market.