Canada Generic Drug Market Driven by Changing Demographics and Government Initiatives

The Canada generic drug market has witnessed a significant growth over the past several years, reaching a volume of around 0.46 Billion Units in 2016. This can be attributed to public and private sector drugs programs and healthcare initiatives promoting the use of generic drugs.

Arlington, VA, May 14, 2017 --( Canada currently represents the ninth-largest generic drug market worldwide, accounting for nearly 3% of the total global share. The share of generic drugs in the pharmaceuticals market has increased significantly over the past several years. At present, generic drugs account for around 70% of the total retail prescriptions, and 22% of the total pharmaceutical sales value in the region. This can be attributed to the various public and private sector drug programs aimed at cost-containment and increasing awareness about generic drugs. The latest report by IMARC Group titled, “Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the Canada generic drug market reached a volume of around 0.46 Billion Units in 2016, growing at a CAGR of around 8% during 2010-2016.

Highlights of the Canada Generic Drug Market:
1. Generic drugs account for nearly 70% of the total retail prescriptions in Canada.
2. Changing demographics and government initiatives are the major growth drivers.
3. Patent expiry of a number of blockbuster drugs is expected to provide growth opportunities.

Population growth, changing demographics, increasing prevalence of chronic diseases and a rise in the use of drug therapy are projected to put more pressure on Government healthcare initiatives such as the ‘drug benefit plans’ operative in the Canadian territories and provinces. As the sustainability of these programmes is largely dependent on the use of generic drugs, the demand for these drugs is expected to increase over the next several years. Moreover, the patent expiry of a number of blockbuster drugs is also anticipated to expand the generic drug market in Canada. According to the report, the market is further expected to reach a volume of nearly 0.7 Billion Units by 2022.

The report analyses the competitive landscape of the market and provides details of the major players in the market. Some of these include Teva Pharmaceutical Ltd., Apotex Inc., Snadoz Canada, Actavis, Mylan, Pharmascience Inc., Taro Pharmaceuticals, Novartis, Ranbaxy Pharmaceuticals Canada and Hospira. The report provides a comprehensive insight into the historical and current trends as well as the future prospects of the generic drug market in Canada. This study serves as an exceptional tool to understand the sales trends, volume trends, growth, key segments, competitive structure, regulations, major manufacturer, major distributors, top drugs, manufacturing requirements, opportunities and future prospects of the Canada generic drug market. This report can serve as an excellent guide for manufacturers, consultants, researchers, marketing strategists and all those who plan to foray into the Canada generic drug market in any form.

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Jim Clarke