According to Erik Roos (pictured), CEO of generic medicine company Pharma Dynamics, South Africa’s pharmaceutical industry has seen good growth, despite tough economic conditions. The generic market in particular is poised to continue its upward growth trend – since the introduction of generics in South Africa, medicine prices have dropped by as much as 80%.
Roos said in a statement:
"Since 2012, originators have steadily lost market share due to fierce competition, while the generic market boasted double digit growth Even though generic volume penetration will start to slow down, the 2,900 generic dossiers currently sitting at the Medical Control Council (MCC) awaiting registration will significantly boost generic growth in the next 12 to 18 months."
According to reports, the South African private pharmaceutical industry is expected to reach R47 billion by 2020, increasing by 38% between 2016 and 2020.
