GD Industry Growing.

The growth in the generic drug industry that was observed in last 5 years will continue for next 5 years, according to the market experts. Generic Drug industry has showed the growth of 50% in the last 5 years and will show the growth of 75% percent in next 5 years. The profits gained by the generic drugs in last 5 years are comparatively very more than the original branded companies. Previously the share of generic drugs in the pharmaceutical industry was less than 15% in the year 2002 but, now generic drugs have captured more than 50% market of the original branded drugs.

Generic drug industry holds the 57% of the pharmaceutical market and is expected to capture the 76% of the pharmaceutical market by 2015. Generic drugs have got the very long history. Generic drug for Aspirin was first introduced in the market by 1902 and from there the growth of generic drug industry started. Previously the generic drugs were considered to be the drugs of the inferior quality. Generic drugs were only considered as the poor man’s drug and were abandoned by people from the rich class. It was believed that the generic drugs are of the substandard quality and should not be taken. But, the truth was something different and in reality Generic drugs are exact copies of the original branded drugs.

Generic drugs are the pharmacologically and pharmacodynamically similar to the brand name drugs. Generic drugs are similar in effects and properties in comparison to the original branded drug. The active constituent of the generic drug and the original branded drug is same and in equal concentration. The real turnover came in the generic drug when the first generic drug’s approval by the Food and Drug Administration in United States. Generic drug industry started flourishing after 1990 when the people started preferring generic drugs over the branded drugs.

Generic drugs were preferred by the customers because of the low costs and same benefits as compared with the original branded drugs. The revolution took place when the generic Viagra came to the market and proved to be equally efficient like the original Viagra. Thus, generic Viagra became the favorite choice of the customers for the treatment of erectile dysfunction. After seeing the success of generic Viagra many other big companies like Ranbaxy, Pfizer, Merck, etc entered the generic drug market. The profits earned in the generic drug market were more and thus, this fact attracted many new companies to start the production of generic drugs.

The generic drug manufacturers in India and China are considered to be next giants in the generic drug industry and will acquire the pharmaceutical market. This year has already recorded the buyouts of $25.1 billion of generic drugs in the pharmaceutical industry. The buyouts will go on growing year by year and will continue the growth of generic drug industry.

Thus the growth of generic drug industry will continue because of the preference by the customers due to low price and good quality.