Two weeks after its patent expired in South Korea on the API in Viagra, Pfizer ($PFE) is seeing an explosion of generic competitors there.
Six companies have gotten copies of the erectile dysfunction drug on the market since a court ruled that Pfizer's "use patent" was not valid. More are expected to follow, reports Reuters. The market for the branded drug has increased at least 9% a year since Viagra was introduced there in 2008 and some estimates double that when black market sales are factored in.
Pfizer has been fighting off generics of its hugely successful drug in the U.S., but has had less success in other parts of the world.
To some extent, the flood of drugs in South Korea reflects an aging population. "In an aging society, people are looking to improve their quality of life and expansion of the (erectile dysfunction drug) market is part of that trend," Shin Seoung-pill, a PR representative for CJ Cheiljedang, tells Reuters.
Some of the new copycats are pitching price: Hanmi, for example, is advertising its 5,000 won ($4.25) cost per 100 mg tablet, which it says is a third of the cost of branded Viagra. Daewoong Pharma made its version triangular and green to help users hide the fact that they are taking an impotence drug.
- read the Reuters story
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