Global Branded Generics Market to Surpass US$ 444.0 Million by 2027, At a CAGR of 7.3% | Coherent Market Insights
SEATTLE, May 04, 2021, (PHARMIWEB) – Overview:
In comparison to premium medical drugs, branded generics have lower research and development costs. Companies who compete in the branded generic market devote a significant amount of resources to promoting the product and raising brand value.
The global branded generics market is projected to hit US$ 444.0 million by the end of 2027, from a valuation of US$ 247.0 million in 2019.
During the forecast period, the branded generics market will benefit from increased affordability and product guidance. In order to sell an approved generic, the corporation with the NDA (New Drug Application) must contact the FDA. The NDA allows the firm to sell both the approved generic and the brand medication at the same time.
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Market participants should concentrate on growing their businesses in developing markets. This is due to a rise in generic drug demand in these countries. As per the IBEF (India Brand Equity Foundation), India’s pharmaceutical market provides over 50% of global demand for multiple vaccines, 40% of generic demand in the United States, and 25% of all medication in the U.K.
The market’s growth is also projected to be hampered by the misuse of REMS (Risk Evaluation and Mitigation Strategies) to postpone generic market entry. REMS is used by branded drug makers/drug research firms to deny generic manufacturers access to drug samples for bioequivalence testing and production. As a result, the commercial penetration of branded generic products is delayed.
To cut healthcare costs, some states in the U.S. are focusing on launching state-produced labelled generics. The California state government unveiled plans in January 2020 to launch its own brand of generic prescription drugs in order to cut healthcare costs.
The market’s major players are providing discounts on their branded generics. Eli Lilly and Company revealed in January 2020 that by mid-April 2020, it will sell half-price generic versions of its quick-acting Humalog Junior KwikPen insulin and Humalog Mix75/25 KwikPen, which features a mix of fast- and intermediate-acting insulin.
Key companies contributing in the global branded generics market are Teva Pharmaceutical Industries Ltd., Pfizer Inc., Mylan N.V, Aspen Pharmacare Holding Ltd., Valeant Pharmaceuticals International, Inc., Abbott Laboratories, Novartis AG., and Sun Pharmaceutical Industries Ltd.
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Major market players are now looking to broaden their portfolios through mergers and acquisitions (M&A). Zentiva, a developer of branded generics and OTC drugs, announced in October 2019 that it had signed a definitive agreement to purchase Alvogen’s Central and Eastern European Business for an undisclosed amount.
Pfizer Inc. and Mylan N.V. reached a binding deal in July 2019 to merge Mylan with Upjohn, Pfizer’s off-patent marketed and generic existing drugs firm, to form a major multinational pharmaceutical corporation.
By Drug Class:
- Alkylating Agents
- Lipid Lowering Drugs
- Cardiovascular Diseases
- Gastrointestinal Diseases
- Dermatology Diseases
- Analgesics and Anti-inflammatory
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
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