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Australia Generics Market
Frost & Sullivan, March 2011, Pages: 48
This research service presents an overview and analysis of the generics market in Australia from the time period 2009 to 2014. It goes over government regulations, healthcare system dynamics, disease and age demographics. Along with this coverage, the report also outlines market drivers and restraints, market engineering measurements, market size and growth for both the pharmaceutical and generics markets in Australia. The report ends with a competitive market analysis, which includes the top domestic companies in the Australia generics market.
Research Overview
This Frost & Sullivan research service titled Australia Generics Market outlines market drivers and restraints as well as Market Engineering measurements and provides a competitive market analysis. The study also explores government regulations, healthcare system dynamics, and disease and age demographics.
Market Overview
The Australian Government Set to Save $1.7 billion of its Public Healthcare Expenditure Annually by Supporting the Generics Market
The Generics Market to Gain from the Patent Expiration of Several Blockbuster Drugs in the Next Five Years
Lifestyle- and age-related diseases have become rampant in Australia, where the Government subsidises about 80 percent of the drugs under its healthcare system. The resultant escalating medical expenditure for cancer, diabetes and cardiovascular ailments has led the Government to promote generic drugs. The increased usage of generics has resulted in annual cost savings to the tune of $1.7 billion for the government healthcare system and its pharmaceutical benefits scheme (PBS) that largely influences the pharmaceuticals market. “The comprehensive PBS listing, along with the extensive public healthcare system, has meant that the population has access to many branded drug options,” says the analyst of this research service. “However, the government has enacted policies that make generic drugs a much more cost-effective option than their branded counterparts.” This backing, along with the wave of patent expirations of blockbuster drugs over the next five years, is expected to drive the market growth across multiple therapeutic areas.
As the public healthcare coverage still includes many branded drugs, the cost difference between generics and branded drugs will not be too high to prompt consumers to routinely pick the generic option or for their doctors to prescribe it to them. Encouraging patients and doctors to choose generics will require continued government support and incentives. In addition to taking advantage of government support that increases the cost effectiveness of their products, generic drug companies must show that their products are as effective and safe as their branded competitors.
“Currently, the generics market in Australia is relatively small, especially in comparison to the generics market presence in other countries within the Asia Pacific region,” notes the analyst. “Furthermore, only three out of the ten companies that supply generics to the government healthcare system manufacture the drugs they sell, since the other seven import their products into Australia.” Therefore, generic drug companies must take steps to increase their visibility in the market, emphasize their cost effectiveness, and show that they offer viable treatment options to patients that are accustomed to branded drugs.
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