Global Generic Drugs Market was valued at US$ 273 Bn in 2017, and is expected to reach US$ 630 Bn by 2026, at a CAGR of 11 % during forecast period.
Generic drugs are manufactured and marketed after the expiry date of the patent or other exclusive rights.Generic drugs are bioequivalent to branded drugs in quality, strength, dosage form, intended use and route of administration.The important advantage of generic drugs is they are less expensive as compared to branded drugs because they are not required to repeat costly clinical trials and pay for marketing, advertising and for promotion.
In order for the company to market and sell their product they must first gain approval from the Food and Drug Administration (FDA) by submitting a New Drug Application. 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.
The market of the generic drug has been increased by increasing number of patent expiration of branded drugs and government initiatives. Furthermore, increasing the 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 that high competition and the shortage of drugs can hamper the growth of generic drug market. Furthermore, prescription of doctors is largely affecting the growth of generic drug market because doctors are prescribing branded drugs to their patient.
Based on the product type, a simple generic drug is an improved version of an original drug which has lost product patent protection. The product patent for the original drug will have expired or have been circumvented by the company developing the super generics.
Super generic products are referred to as added value generics, new therapeutic entities or hybrids. Super genericproducts differ from the original product in formulation or method of delivery. These products are improved formulation of a known product.
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 graduate to focus 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 with high market share because it contains additional generics in low cost as compare to Biosimilars.
Based on the application, Central Nervous System segments the largest market segment covered by generic drug market. Increasing awareness about mental health, social acceptance of mentally ill patients, and increasing 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. Cardiovascular covers many disease areas including heart failure, circulatory disorders, hypertension, cholesterol, dyslipidemia, angina, arrhythmias and stroke. The cardiovascular segment covers more than 15% 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.
Geographically, North America is dominating the generic drug market attribute to high demand and increasing the prevalence of chronic diseases.
Asia-Pacific is expected to show significant growth during the forecast period. From Asia Pacific region many of patients are travels toward to North America to take a better treatment. In the Asia Pacific, India and China countries are leading in the generic drug market.
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Scope of Global Generic Drugs Market:
Global Generic Drugs Market, by Product Type
- Simple Generics
- Super Generics
- Biosimilars
Global Generic Drugs Market, by Application
- Cardiovascular
- Anti-Infective
- Anti-Arthritis
- Central Nervous System
- Anti-Cancer
- Respiratory
- Others
Global Generic Drugs Market, by Region
- North America
- Europe
- 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
- Sandoz
- Sun Pharma
- Par Pharmaceuticals
- Endo Pharmaceuticals
- Lupin Pharmaceuticals
- Dr Reddy’s
- Pfizer
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