Generics Sector Saved Healthcare System and Consumers $3 Billion per Week in 2010
Global generic sales continue to increase as patents on major products expire. In 2nd quarter 2011, 130 Abbreviated New Drug Applications (ANDAs) from 49 different companies in 16 countries received final approval, according to the "Top 50 Specialty Companies 2011" report from PharmaLive. More than 200 ANDAs gained final approval during the first half of 2011, and there are currently 2,000 ANDAs awaiting approval in the United States alone.
Generic competition could impact prescription sales valued at $89 billion through 2014. Over the past decade, generic prescription products in the U.S. saved consumers and the health care system $931 billion. During 2010, generic drug use saved $158 billion - approximately $3 billion per week.
Teva Pharmaceutical Market Leader by Revenue
Teva Pharmaceutical is a worldwide leader in generic pharmaceuticals with a long-standing tradition of excellence in development, production, and marketing of generic and branded pharmaceuticals. Teva recorded first-half 2011 sales of $8.3 billion, an increase of 11% when compared to 2010.
Two of Teva's key products produced record sales for the company during 2011. Azilect, used for the treatment of Parkinson's disease, reached $97 million in sales for 2nd quarter 2011, an increase of 38% over 2010. Copaxone, the world's leading multiple sclerosis therapy, generated $957 million for Teva in 2nd quarter 2011.
Teva recently acquired Theramex and its broad portfolio of women's health and gynecology products, as well as Cephalon, which will diversify and expand Teva's product portfolio and pipeline in areas such as CNS, oncology, respiratory, and pain management. Teva also acquired privately held Taiyo Pharmaceutical Industry Co. Ltd., Japan's third-largest generic company, which generated $530 million in 2010 sales. Taiyo boasts a generic portfolio of over 550 drugs in a variety of therapeutics areas and dosage forms.
For more details, visit http://www.pharmalive.com/special_reports/details.cfm?reportID=367.