The Asia Pacific pharmaceutical market has the potential to draw 28.5% of global market share by 2012 and generate profits as high as $260bn, Frost & Sullivan reports.
Government interest in new generics is seen as one of the major drivers across the region, thanks to longer term usage of multiple and specialised drugs, ageing populations, shorter life expectancy, earlier diagnosis of chronic disease and major drug patent expiries.
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Expiring patents for blockbuster drugs such as type II diabetes treatment Actos and heart failure treatment Atacand will provide a major opportunity for new manufacturers.
Australia has been considered as a particularly tough market for generics due to high entry cost and stringent regulations, but manufacturers are optimistic as its government may look to generics as a form of cost reduction.
The generics market in Australia is worth an estimated $830m, with an expected compound annual growth rate of 7% per annum.
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