Lifestyle Diseases Propelling Generic Medicines Industry

Posted May 17, 2017 by rncos_press

The rise in lifestyle disease and epidemiological transition is boosting the generic medicine industry, says RNCOS in its latest research report.

The unique epidemiology pattern of diseases, varying across different socio economic group and provinces has driven the South African generics medicine market. With the change in eating patterns, and rural to urban migration, many of the new urban poor are encountering a double burden of disease.

According to our latest report, “South Africa Generics Medicine Market Outlook 2022”, generics drugs are struggling to gain a significant share in the domestic market due to competition from branded drugs, lack of awareness among the consumers, strong lobbying between physicians and doctors, and lack of promotion and quality issues. While the global generics market stands matured, the generics market in South Africa is expected to grow at a CAGR of around 11% during the forecasted period of 2017-2022.

Further, government’s national health plans are also expected to boost demand for lower cost drugs, especially generics, due to its commitment to provide greater access to anti-retroviral (ARV) medication within the public health system to combat the HIV/AIDS pandemic. Also, private market for generic drugs is growing, as the higher prices paid by the private sector help to subsidize the low-cost generics made available to the public sector.

With the government initiatives, the generic drug market has expanded tenfold. With increasing demand for everyday medicines, and uneven supply, the need for more generic brands has become a paramount. With current leading players as Aspen and Adcock Ingram, the South African generic medicines market has grown intensely over the last few years.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.
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Issued By Shushmul Maheshwari
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Categories Health
Tags south africa generic medicine market forecast, south africa generic medicine market trends , south african pharmaceutical industry analysis, generic medicine market trends
Last Updated May 17, 2017