'Generic Drugs Market Will Reach $127.8 Billion in 2013' Predicts new Visiongain Report

'Generic Drugs Market Will Reach $127.8 Billion in 2013' Predicts new Visiongain Report PR Newswire LONDON, November 28, 2012 LONDON, November 28, 2012 /PRNewswire/ -- A new report by visiongain predicts that the world market for generic pharmaceuticals will reach $127.8bn in 2013. That revenue forecast and others appear in Generic Drugs: World Market 2013-2023, published in November 2012. Visiongain is a business information provider based in London, UK. The world prescription generic drug industry stands at $110.8bn in 2011. If a more general definition of off-patent medicines is used to define generics, some estimates put the size of the industry at over $150bn. In the US, generic drug sales have more than tripled since 2000. Sales of generics there currently represent over 40% of worldwide sales, with generic drugs accounting for about 70% of the prescriptions dispensed in the US. This percentage is likely to increase as novel branded drugs face further competition from generic products. Other countries will experience similar trends, the report finds. Visiongain forecasts that the overall generic drugs market will grow steadily to 2023. As general life expectancy rises, increasing numbers of elderly people in developed countries - and growing numbers of middle class consumers in developing countries - raise the demand for affordable medicines, especially generic drugs.