New companies want to meet demand
According to Chinese news sources, pharmaceutical companies are pushing generic versions of Viagra through the approval pipelines in hopes of capitalizing on the demand for the popular impotence-fighting medication.
“We are not sure whether our ED drug will generate much profit, but we know it is a huge market,” Chen Jing, Baiyunshan with Guangzhou Baiyunshan Pharmaceutical, a company working to get approval for a generic Viagra, told Shanghai Securities News.
The profits of the new product should reach up to 1 billion yuan, or $162.5 million.
Chinese men will have cheaper options
One of the benefits of generic versions is the cost. Generics cost much less than name brand competitors. Analysts expect the price difference to dramatically effect sales of Viagra.
“Booming Chinese drugmakers will promote their versions of the ED product at a much lower price, less than half that of Viagra,” said Guo Wei an analyst with Ipsos, a global market research company.
Some men will continue to take Viagra, wanting to stick with a medication that they know works, but analysts believe many men will try the new generic medications to save money.
Name brand meds the only way to go in U.S.
China will serve as a testing ground for Pfizer, as the company watches how generics will affect its sales. While Chinese men will have more options, there isn’t a generic version of the medication that’s approved in the U.S., and won’t be for at least four more years.
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