Branded Generics Market to Rise at 8% CAGR through 2030; Diversified Sourcing Practices in Covid-19 Pandemic to Provide Growth Opportunities, says Future Market Insights
The branded generics market is expected to reflect a highly promising 8% CAGR between 2020 and 2030. The branded generics market is likely to gain key growth opportunities for the duration of the coronavirus pandemic. Demand for low cost treatments for the virus and investments into drug research during this period is likely to support market growth in the short term.
“Branded generics are largely used as alternative drugs to innovator offerings from the pharma industry following the expiration patents. The global market for branded generics expected to display steady growth as a large number of pharmaceutical products are witnessing the expiry of their patents during the assessment period,” states the FMI analyst.
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Branded Generics Market- Critical Takeaways
- Cardiovascular treatment applications account for substantial demand, owing to the expiry of multiple patents in the category.
- Pharmacies and drug stores are major channels of distribution, supported by promotional activity and easier access to consumers.
- Europe is a prominent market for branded generics owing to demand for alternatives to expensive patented medication options.
Branded Generics Market- Drivers
- Regular expiration of branded drug patents, coupled with higher profit margins of branded generics supports market growth.
- Simplification of market authorization processes is a key driver of growth opportunities.
Branded Generics Market- Restraints
- High competition from commodity generics and branded drugs hinders sales and revenue.
- Misconceptions of quality associated with branded generics hinders adoption rates.
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Coronavirus Impact on Branded Generics Market
The branded generics market is expected to be marginally impacted by the coronavirus contagion. The potential slowdown of sales in China is a major factor of concern. In addition, patients are not as likely to actively seek prescription renewals and or healthcare services, which could reduce demand. Also, manufacturers who depend on China for drug ingredients could face supply disruptions. On the other hand, manufacturers with alternative suppliers on hand can capitalize on the pandemic by increasing drug prices and eating away at market share of their competitors.
Mylan, Novartis, Pfizer, Teva, and Abbott Laboratories are some of the leading players in the branded generics market.
Manufacturers in the branded generics market are increasingly displaying interest in product launch strategies to keep the edge in a competitive market, expand portfolios, and bolster profit margins with formulations of expired patents.
For instance, Dr. Reddy’s Laboratories Ltd. has announced the release of AVIGAN a branded favipiravir generic for covid-19 treatment. Hikma Pharmaceuticals plc has launched Everolimus tablets, which is a generic version of Zortress used in transplant treatments. Lilly has also announced the release of branded generic versions of KwikPen and Humalog protamine and insulin suspensions.
About the Study
The study offers readers a comprehensive assessment of the Branded generics market. Global, regional and national-level analysis of the latest trends influencing the branded generics market is covered in this FMI report. The study provides insights according to therapeutic application (oncology, cardiovascular disease, diabetes, neurology, gastrointestinal disease, dermatology disease, analgesics and anti-inflammatory, and others), drug class (alkylating agents, antimetabolites, hormones, anti-hypertensive, lipid lowering drugs, anti-depressants, anti-psychotics, anti-epileptics, and others) formulation type (oral, parenteral, topical, and others), and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, and drug stores) in seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights