Generic Drugs: World Market Outlook 2011-202103 Nov 2011 • by Natalie Aster
The Italian generic market is comparable with those of Spain and France. Once again, there is comparatively low generic penetration, with generic products representing approximately 48% of the market by volume and 31% by value in 2010. However, 36% of the generic market penetration in Italy is a result of branded generic medicines, with the true generics sector yet to mature. Branded generic products represent 24.8% of the pharmaceutical market as a whole when analysed by revenues, with true generics constituting only 6.3%. As in the case of Spain, government regulation to date has failed to change that situation much.
Generic Drugs: World Market Outlook 2011-2021
Published: September 2011
Price: US$ 2,664.00
Report Sample Abstract
Italian Generics Market: Sales Forecast 2011-2021
The market recorded sales of $3.85bn in 2010. In 2009, new pharmaceutical regulations came into effect, reducing prices for generic products by 7%, and regulating discounts to wholesalers and pharmacists. These measures have driven growth in the sector, but there are fundamental structural challenges which mean further growth will remain modest.
Visiongain predicts that the market will grow to $4.68bn by 2015, with a CAGR of 4.0% from 2010 to 2015. The CAGR for the entire forecast period will be lower, at 3.7%, with the market reaching $5.75bn by 2021.
Promoting Generic Penetration
The Italian healthcare system is challenged by decreasing budgets, increased focus on chronic diseases and diseases related to the elderly. Governmental policy to promote these goals has failed to make generics an attractive sector of the Italian pharma market. With reference prices set at the level of the least-expensive generic, generic entry to the market is inhibited. Low levels of patient acceptance of generics (despite public information campaigns in 2001 and 2005) mean that the sales volume is low. The combination of low sales and low prices for the products mean that the market has remained small. The Italian government has consistently focused on price reduction. However, measures such as 2004's imposition of compulsory discounts and paybacks from the pharmaceutical industry have limited growth.
Italian Generics Market: Sales Forecast, 2010- 2021
Source: Visiongain 2011
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