Rockville, Maryland market research firm Packaged Facts estimates that 71% of U.S. dog- or cat-owning households use pet medications. Pet owners spent $5 billion on pet meds in 2007, a number expected to grow to $8.6 billion by 2012.

"There is a tremendous potential for generics," says David Lummis, senior pet market analyst at Packaged Facts. "This is a very untapped area of the market and because of the recession a lot of pet owners are looking for more affordable options for their pets."

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More information: U.S. Pet Market Outlook 2010-2011: Tapping into Post-Recession Pet Parent Spending