According to an annual forecast from IMS Health (a service which provides market data on prescription medicines), competition from generic drugs is predicted to take a toll on global pharmaceutical sales in 2008, slowing growth slightly despite emerging markets likely playing a greater role in overall growth.

It is anticipated that while generic versions of commonly used medicines will likely eat into profits for some large drug companies the development of expensive new medicines will help to support overall revenue.

In a unique turn of events the world's top seven markets will contribute only half of pharmaceutical growth while seven emerging markets will account for almost 25 percent. The United States is projected to post a historic low in sales growth whereas China, Brazil, Mexico, South Korea, India, Turkey and Russia are expected to grow by approximately 12 percent.

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