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Market Analysis

Generic Medicines Dominating Prescription Market in the UK

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The total number of prescriptions written in the UK tolled at 887 Million in 2009, which was estimated to reach 940 Million at the end of 2010. One of the important aspects about the UK, which is not unique but quite unusual in Europe, is that it is an International Nonproprietary Name (INN) market, where medical students are trained according to the INN prescription guidelines. Moreover, INN prescribing happens during the patent term as doctors are trained to write by INN.

Hence, the UK has over 80% of prescriptions that are being written by INN irrespective of the patent status of the product. This is the largest single element that has led to the growth of the generics market. Consequently, generics were estimated to account for around 86% of the prescriptions in 2009, says our new research report “UK Generics Market Analysis”.

Our team of experts has segmented the generics market by value, by prescriptions, and by therapeutics. The therapeutics segments covered by us in the report are Cardiovascular, Endocrine & Metabolic Agents, Respiratory Agents, Analgesics, and Gastrointestinal. Detail overview of the statistics and the generic drugs, which dominates the prescription market have also been covered in the report. Most importantly, thorough description of the regulations prevailing the country’s generics market has also been included in the report.

“UK Generics Market Analysis” provides thorough research and rational analysis along with reliable statistics of the UK generics market. The report also provides extensive information on the traditional markets as well as on the emerging technologies. Besides, an insight of the trends prevailing in the UK generics market has been covered in the report. Analysis and statistics regarding market size, growth, share, and segmentation have been thoroughly studied in the report to present a comprehensive view of the UK generics market. The report has thoroughly examined current market trends; industrial developments, and competitive landscape to enable clients understand the market structure and its progress in coming years.

Market Analysis

Some Advantages of Generic Medicines

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You might be wondering what these generic drugs are, as many a time we all have heard Generic Viagra, Generic Cialis and Generic Levitra. The question is why one should go for these generic medicines when in the market branded drugs are easily available. Before going into more details, let me inform you that these generic drugs are equivalent to the branded one and they too contain the same composition of branded one. Some of the advantages of generic drugs are:

– They are cheaper compared to branded one with same effectiveness.

– These drugs do not require prescription; it can be purchased directly from online stores. Also, many online stores mention in their website the do’s and don’ts about the medicine, which will help customers choose a generic medicine.

The main advantage of generic drug over branded one is the price. According to the estimates, customers are saving nearly 10 billion dollar yearly simply by using generic medicine. If a branded medicine is available for USD 50, then the equivalent generic drug is available for just USD 15, so annual savings comes to USD 420 (if generic drugs are used).

Now the question is, why these generic version is this much cheaper compared to the branded one, the answer is – the companies that are involved in making generic drugs incur less overhead cost compared to the company that has created it by spending years in research and spending millions of dollars. The original creators has many other expenses also, once they make the drug, they have to perform clinical trials to make sure that this drug is safe and will give the desired results without any complications, again this is a costly affair. Once all these trials are conducted and satisfactory results are achieved, FDA will approve these drugs, so because of all these reasons the original manufacturer has to sell it at higher price in order to make profit.

So now, it is clear that how the manufactures of generic drugs sell it at cheap rates. They are able to sell at cheap rates just because they are spending only on manufacturing of the medicine.

Also, one other important factor which is in favor of generic drug manufacturers are, they do not need to spend even on advertising, as the same was already done by the original manufacturer and the users are well-aware about the drug, they just have to sell it.