A recent report published by Precision Business Insights on generic drugs market provides in-depth analysis of segments and sub-segments in the global as well as regional.
According to Precision Business Insights (PBI), the latest report the global generic drugs market is expected to be worth USD 418.1 billion in 2021 and projected to grow at 5.6% CAGR from 2022 to 2028. A generic drug is pharmaceutical drug, which is bio-equivalent to a branded drug in all forms such as route of administration, strength, dosage, quality, intended use and performance. Generic drugs are usually approved after patent expiration of patent drugs. Generic drugs are safe, effective and FDA approved. The global market is filled with 44% of generic drugs. The global generic drugs market is driven by the rise of various diseases, need for cost effective drugs for treatment, and government initiatives to increase the use of generic drugs. In addition, favorable regulatory policies, patent expiration of the branded drugs, and growth in biosimilars segment are expected to boost the generic market. However, lack of awareness about the availability of generic drugs, competition from branded generics and lack of price control are hampering the generic drugs market. The global generic drugs market is divided into following categories-
1) By Therapeutic Area: Cardiovascular, CNS, Antibiotics, Oncology, Gastrointestinal, Hormones, Pain Management, Others.
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others.
Hospital, retail, online pharmacies And lastly on the basis of geographical regions, the global generic market have five major regions- North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America generic drugs market is growing due to availability of more number of generics, increase awareness about the generic drugs and favorable regulatory policies. In Europe region, the market is growing due to increased prevalence of chronic diseases, increase in investment on biosimilars, and increase awareness about generic drugs. Asia Pacific generic drugs market is expected to be fastest growing due to increased government initiatives and increase in awareness about generic drugs. While Latin America generic drugs market is also booming due to increased awareness, increased cases of chronic diseases and demand of generic drugs. to name a few. In 2017, Nexus Pharmaceuticals got U.S. FDA approval for the first generic version of Hospira's Isuprel, for the treatment of bradycardia, heart block. To improve their market position in generic drug market companies are adopting strategies like expanding their market presence through collaboration and entering into new markets. For instance, in 2017, Medical inhaler company Vectura Group PLC collaborated with Sandoz, a division of Novartis AG, to develop a generic version of an inhaler therapy for asthma and COPD (chronic obstructive pulmonary disease). Mergers and acquisitions are key strategies adopted by various market players. For instance, in 2016, Teva Pharmaceutical Industries Ltd Acquired Allergen'™s generic business Actavis Generics.
Some of the key market players in generic market are Mylan N.V. (U.S.), Sun Pharmaceutical Industries Limited (India), Teva Pharmaceutical Industries, Ltd. (Israel), Dr Reddy's Laboratories (India), Novartis AG (Sandoz International GmbH) (Switzerland), Apotex Holdings Inc. (Canada), Endo International plc (U.S.), Pfizer Inc. (U.S.), Johnson & Johnson Services Inc., (Janssen Pharmaceutica) (U.S.), Lupin Limited (India), Merck & Co, Inc. (U.S.), Mitsubishi Tanabe Pharma (Japan), Momenta Pharmaceuticals (U.S.), Nexus Pharmaceuticals (U.S.), and Novo Nordisk (Denmark)