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According to the latest forecast from researchers at IMS Health, sales of generic pharmaceuticals are on track to rise 14% to 15% next year to a record $70 billion worldwide. Many of the leading manufacturers of generic medicines will continue to make inroads in emerging markets such as China, Brazil, Mexico, and Turkey. Since these countries cannot afford cutting-edge innovative pharmaceuticals, IMS predicts that much of the growth will be in the demand for cheaper generics.
As the generic-drug industry prepares for a feast next year, however, the branded counterparts are expecting famine. IMS researchers predict that global sales for brand pharmaceuticals will rise only 6% to 7% in 2008, while sales in the United States and Europe will rise just 4% to 5%.