Generic drugs and quality control

Generic Drug Market

 A generic drug is a pharmaceutical product, usually intended to be interchangeable with an innovator product that is manufactured without a license from the innovator company and marketed after the expiry date of the patent or other exclusive rights. Already prevalent in the U.S., Europe and much of the developing world, generic drugs are now finding their way into previously untapped markets such as Japan, largely driven by regulatory efforts to reduce healthcare costs. Generic drugs will account for nearly $350 Billion in revenue by the end of 2015. The market is further expected to grow at a CAGR of 12% over the next 5 years. As the market consolidates; larger players continue to grow their market share on the heels of acquisitions and mergers. Well established players are particularly keen to capitalize on joint ventures in untapped markets such as Japan.