Global Generic Drugs Market was valued at US$ 273 Bn in 2019, and is expected to reach US$ 630 Bn by 2027, at a CAGR of 11 % during forecast period.
Global Generic Drugs MarketAs of 2019, several key players traditionally dominate the generic drugs market, including Teva, Mylan, Novartis’ Sandoz, Amneal and Endo International. General price in traditional generic drugs has declined and new key players India-based such as Lupin Pharmaceuticals (US$ 2.3 Bn), Sun Pharma (US$ 4 Bn), Aurobindo Pharma, and Dr. Reddy’s Laboratories, Canada-based Apotex, Israel based Teva Pharma (US$ 18.9 Bn), Mylan NV (US$ 4 Bn) and Sandoz (US$ 9.9 Bn) have taken market share, which has led focus on biosimilars.
In 2018-19 India was leading country in export of generic medicine for U.S, Europe and Africa, which was accounted US$ 1X.XX Billion. Global generic market was valued around US$ XXX.XX Bn in 2019 and is projected to reach US$ XXX.XX Bn by 2027. Manufacturing revenue are responsible for only 36% of final coast for generic products versus greater than 76% for band products. In generic drug market half of the revenue is taken by production cost, while the majority of the final payers cost for generic is determined by other parties in the supply chain. (i.e., wholesalers, pharmacies pharmacy benefit managers (PBM), insurance.)
Drivers and Restraint
The advantages of generic drugs is – they are less expensive as compared to other non-generic drugs. As per the Food and Drug Administration (FDA) rules and regulation for substitution of branded drugs, generic drugs should have the same active ingredient, same administration route, same dosage strength, and form. Nowadays, plenty of anti-diabetic, anti-hypersensitive and antibiotic drugs are available in generic formulations. In 2019 FDA approved approximately 108 generic patents’ only in U.S.A.
Furthermore, popularity of chronic diseases and emerging markets are responsible for the growth of generic drugs market. In addition, decreased the cost of the generic drug is acting as a most important factor for the growth of generic drug market.
Despite of high competition there is shortage of quality generic drugs, which are manufactured by Indian and Chinese companies and are exported across the world. In developed countries, citizens can usually trust that all drugs on pharmacy shelves are safe, authentic, and potent. Most families and doctors are happy to opt for quality-assured generics that have been tested for bioequivalence, systematically monitored for adverse events, subject to regular inspection for manufacturing quality, and priced well below their branded competitors.
For instance, in U.S and U.K non-branded generic drugs account for more than 80% of all pharmaceutical consumption by volume (and roughly XX% by value). So in poor countries drugs are cheap but their quality is hampering the market growth. This quality maintenance is undertaken by many organization of various countries and world health organization has already passed “collaboration registration procedure” to help reduce the cost of the market entry of quality-assured generic products into small low and middle income countries. Policies for how countries select and procure products also require reexamination to boost competition and improve access to medicines.
Super generic products are referred as value added generics, new therapeutic entities or hybrids. Super generic products differ from the original product in formulation or method of delivery. Biosimilars have the same clinical effect as a generic but are only as similar to the original branded drug as validation technologies can confirm. Biosimilar developers focuses on proteins of higher complexity, requiring higher costs and even more sophisticated manufacturing, they will be challenged to adhere to established processes for proving a high degree of similarity.
Super generic drugs segment is dominating the market thanks to low cost as compare to Biosimilars. Based on the application, Central Nervous System segments the largest market segment are captured by generic drug for better results. Awareness about mental health, social acceptance of mentally ill patients, and access to advanced healthcare options are some of the principal factors expected to drive market growth.
Cost effective and easily available of drugs are expected to propel market growth during the forecast period.Cardiovascular diseases are one of the leading causes of death worldwide, which including heart failure, circulatory disorders, hypertension, cholesterol, dyslipidemia, angina, arrhythmias and stroke. The cardiovascular segment covers more than X5% of global generic drug market due to a number of patent expiries of cardiovascular drugs. Growth in the overall global population and aging demographics is proving to be beneficial for the overall healthcare sector and generic drug manufacturers.
The objective of the report is to present a comprehensive analysis of Global Generic Drugs Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Generic Drugs Market dynamics, structure by analyzing the market segments and project the Global Generic Drugs Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Global Generic Drugs Market make the report investor’s guide
Scope of Global Generic Drugs Market:
Global Generic Drugs Market, by Product Type
• Simple Generics
• Super Generics
Global Generic Drugs Market, by Application
• Central Nervous System
Global Generic Drugs Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Some Key Players Operating the Global Generic Drugs Market
• Teva Pharmaceutical Industries Ltd
• Mylan N.V.
• Actavis Pharmaceuticals
• Sun Pharma
• Par Pharmaceuticals
• Endo Pharmaceuticals
• Lupin Pharmaceuticals
• Dr Reddy’s
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