IMS Health released compiled data that showed that prescription drug sales rose by 3.8 percent in 2007 making it the slowest growth rate in over 45 years.
Total sales were $286.5 billion in 2007 with a growth rate of 3.8%. Prescription drug sales saw an 8% increase in 2006. The slowed growth is blames on several factors that include patent expiration which lead the way for increased sales of less expensive generic versions of the medications. Other reasons included...
...fewer FDA approvals, safety concerns on new and previously approved drugs and leveling of the growth from Medicare Part D program. "The moderating growth 
trend that began in 2001 resumed last year following the one-time impact on market growth in 2006 from the implementation of Medicare Part D," Murray Aitken, IMS's senior vice president for healthcare insight, said in a statement.
Leading sales of prescription drugs were cholesterol drugs, such as Lipitor, with sales of $18.4 billion. Coming in 2nd were acid reflux drugs such as Nexium.
IMS found that 67.3 percent of all U.S. prescriptions dispensed in 2007 were generic drugs which helped fuel generics to a 10% volume growth.
"The U.S. pharmaceutical market has entered a new era -- one characterized by more modest growth due to the continuing impact of new generics products, fewer and more narrowly indicated novel medications and closer scrutiny of safety issues," Aitken said.
[Source: Yahoo]
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