The overall drug market saw a one percent dip in cost in 2012, dropping to $325.8 billion. This is due almost entirely to a new influx of quality generic drugs for widely prescribed treatments like cholesterol medications.
IMS research director Michael Kleinrock spoke with the Los Angeles Times on the drop, saying:
"The largest driver of this slowdown was the unprecedented cluster of very popular and effective medicines losing patent protections and facing generic competition at the same time."
He notes that while a one percent dip is a significant hit for drug makers, patients are surely reaping the benefits:
"We've often called it the 'patent dividend' for the health system and for patients," Kleinrock adds.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.