The global pharmaceutical market will reach a value of $880 billion next year, according to a report by market research firm IMS Health.

IMS Health forecasted 5% to 7% growth in 2011 in its annual IMS Market Prognosis, compared with 4% to 5% growth this year.

Generic drugs will become dominant in many therapies, as drugs with sales of more than $30 billion are expected to lose patent protection next year. These include Pfizer’s cholesterol-lowering drug Lipitor (atorvastatin calcium), Bristol-Myers Squibb’s and Sanofi-Aventis’ cardiovascular drug Plavix (clopidogrel bisulfate), Eli Lilly’s antipsychotic Zyprexa (olanzapine) and Johnson & Johnson’s antibiotic Levaquin (levofloxacin).

At the same time, much innovation is expected to occur in the area of specialty drugs –– drugs to treat such complex and often unmet therapeutic needsas multiple sclerosis, cancer and hepatitis C –– and patient access is expected to increase. IMS predicted five potential blockbuster drugs, meaning those with annual sales of $1 billion or more, will be approved over the course of the year.

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