Sales of generic
drugs in the year 2005 is expected to top $28 billion, nearly
65 percent more than previous estimates, according to new projections
released yesterday by IMS Health, a leading drug industry research
company.
Generic drugmakers are poised for a potential windfall as 43 million
needy and elderly people become eligible beginning next year for
a new Medicare drug plan that will encourage generic drug use.
The higher sales projections, released at the Generic
Pharmaceutical Association's policy conference here, and the government
prescription benefit plan could offer much-needed relief to an industry
that is under assault on several fronts, industry officials said
yesterday.
The new generic sales figures released by IMS yesterday
takes into account previously uncounted "branded generic"
products, such as Salamol, a generic salbutamol inhaler for asthma
sufferers that Ivax markets under its own brand name. The inclusion
of "branded generics" largely explains the significant
boost in the sales forecast.
Last year, generic drugs filled about half of the
nation's 3.6 billion prescriptions, according to IMS. Six generic
drugs ranked among the top 10 prescription medicines. By offering
prescription drugs at a fraction of the cost of brand-name
medicines, the generic industry has done a commendable business.
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