GIA announces the release of a comprehensive global report on Prescription Drugs market. The global prescription drugs market is witnessing a significant deceleration in growth. Key factors slowing down growth in the global prescription drugs market include economic downturn, increasing number of drugs going off patent, increasing proliferation of generics, falling drug costs, and fewer new drug approvals. On the positive side, the market is experiencing increased demand for biologics, biopharmaceuticals, and pharmacogenomics, which are spearheading growth in the industry.
San Jose, CA (PRWEB) June 30, 2009 -- Global Prescription Drugs market is projected to cross US$897 billion by 2015. The pharmaceutical industry is also witnessing the effects of the global economic downturn. Various governments worldwide are embarking on cost containment measures, resulting in increased pricing pressures. However, compared to any other industry, the pharmaceutical industry is relatively shielded from economic cycles, as consumer spending on drugs is out of compulsion rather than discretionary spending as in most other industries. As such, sales of pharmaceuticals are expected to slowdown in 2009 and 2010, with declines or flat growth expected in mature markets such as the US, Japan, and Western Europe. The effects of the global economic downturn are expected to vary in different markets owing to the differences in respective market characteristics.
The global prescription drugs market is currently witnessing, and would further witness, a shift in terms of market growth from matured markets towards emerging markets. Patent expiries of major drugs, and subsequent entry of generics that are priced lower, increasing pressure to contain costs, along with incr
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