Generic drugs are bioequivalent of the branded drugs in terms of quality, strength, dosage and intended use. They require low capital investment as they only incur manufacturing cost, without any expenditure on drug discovery and development, advertising, distribution of free samples, etc. This leads to an overall reduction of around 40-60% in the prices of the generic drugs. Owing to this, these drugs form an important part of the public healthcare systems in both the developed and developing countries. A new research report by IMARC Group, titled “Generic Drugs Market: Global Industry Trends, Manufacturing Process, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global generic drugs market reached a value of around US$ 245 Billion in 2017. The report further anticipates the market to reach a value of US$ 376 Billion by 2023, at a projected CAGR of 7.4% over the forecast period.
Global Generic Drugs Market Drivers/Constraints:
- Generic drugs are as safe and effective as the brand-name drugs since they are inspected, approved and regulated by the FDA or the government of the respective nation. A surge in the awareness regarding the efficacy of these drugs has helped in propelling their demand.
- The patent expiries of a number of blockbuster drugs in the recent years have further improved the growth aspects of the generic drug manufacturers worldwide.
- A rise in the number of chronic diseases like diabetes, cardiovascular diseases, Parkinson’s disease, Alzheimer’s disease, etc. has increased the demand for low-cost generic drugs, particularly in regions with aging population.
- There are several factors that hamper the growth of the generic drugs market. For instance, these drugs are perceived inferior by various consumers, doctors and physicians as they contain different inactive ingredients which may behave differently on consumption.
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Regional Insights:
On a geographical front, the Unites States exhibits a clear dominance in the generic drug market, accounting for the majority of the global share. Rising cases of chronic diseases, due to changing lifestyle and eating patterns, is one of the major reasons for the expansion in the demand for generic drugs. The Unites States is followed by China, Brazil, Germany and France.
Competitive Landscape:
The market is fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Teva Pharmaceuticals
- Novartis – Sandoz
- Mylan
- Freseunis
- Hospira
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