Generic Drugs Market Indicating Strong Growth Signals, Know the Reasons with Insights

Generic Drugs Market report includes historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Generic Drugs Market offers complete, proficient report delivering market research data that is relevant for new market entrants or set up players. Key strategies of the companies operating in the market and their impact analysis have been included in the report.

An extensive study offering forecast assessment on Generic Drugs Market has been broadcasted. By correlating the historical data with key market dynamics, our analysts can make highly astute projections. The report includes a thorough analysis of the global Generic Drugs Market segmented by type, application, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market.

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Generic drug is a pharmaceutical drug that contains the same chemical substance as a drug that was originally protected by chemical patents. The effect of these drugs is identical to that of the original drug. Generic drugs are prescribed in the same dosing and also have the same route of administration as the original drug. However, the inactive ingredients of generic drugs can be different from those in the branded drugs. A manufacture can market a generic drug when the patent of the original drug is expired. Generic drugs as cheaper than patented branded drugs. These drugs are manufactured under the same safety and manufacturing procedures as the branded drugs. Manufacturers can submit an abbreviated new drug application (ANDA) to the U.S. FDA after the completion of period of patent exclusivity.

Expiry of the patent for branded drugs is a factor propelling growth of the global generic drugs market

Key players in the market focus on development and launch of biosimilars. According to IMS Health data, generic drugs accounted for over 80% of the prescriptions dispensed in the U.S. in 2013. Increasing number of expiring patents in the near future is a major factor boosting growth of the generic drugs market. For instance, Cetuximab (Erbitux) is an epidermal growth factor receptor inhibitor that is indicated in the treatment of metastatic colorectal cancer and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe. The drug’s patent expires in 2018. This is expected to offer lucrative opportunity for generic drug manufactures.

Furthermore, various initiatives by government bodies for the development of biosimilars is also expected to boost the market growth. For instance, the Biologics Price Competition and Innovation Act in the U.S. grants 12 months patent exclusivity with higher profit margins to the first manufacturer than the conventional generic manufacturers bringing the drugs in market later. High prevalence of chronic diseases is also a factor aiding in growth of the market.

However, low availability of active pharmaceutical ingredients is expected to hinder development of generics drugs. Moreover, stringent regulations regarding the manufacturing quality of these drugs is also expected to restrict the market growth.

Market Taxonomy

The global generic drugs market is segmented on the basis of drug type, therapeutic application, route of administration, and region.

On the basis of Drug Type, the global generic drugs market is segmented into:

• Monoclonal Antibodies

• Cytokines

• Vaccines

• Insulin

• Peptide Hormones

• Immunoglobulin

• Peptide Antibiotics

• Blood Factors

• Others

On the basis of Therapeutic Application, the global generic drugs market is segmented into:

• Oncology

• Cardiovascular Diseases

• Neurology

• Infectious Diseases

• Musculoskeletal Diseases

• Others

Based on Route of Administration, the global generic drugs market is segmented into:

• Oral

• Topical

• Injectable

• Intra-venous

• Others

Asia Pacific to gain significant traction in the global generic drugs market owing to increasing number of local players

On the basis of region, the global generic drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held a dominant position in the global generic drugs market in 2016. This is attributed to favorable regulatory policies that are revised and amended to encourage generic drugs business in the region. For instance, Generic Drug User Fee Amendment (GDFUA) was reauthorized in 2017 after its initiation in 2012 by FDA for increasing consumer access to high quality, safe, and affordable drugs. On the other hand, Asia Pacific is expected to show a significant traction in the market over the forecast period. This is attributed to lower manufacturing costs and high skilled workforce in the Asian countries. According to India Brand Equity Foundation, India has the second largest number of U.S. FDA manufacturing plants outside the U.S. that are involved in generic drugs manufacturing. Additionally, the cost of manufacturing is 33% lower in India than that in the U.S., increasing accessibility to generics in these countries.

Major Key Players Include In Generic Drugs Market: Teva Pharmaceutical Industries, Mylan N.V., Novartis International AG, Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Fresenius Kabi, Sanofi, Endo International, Lupin Ltd., Abbott Healthcare, AstraZeneca Plc, and Novo Nordisk.

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• Current and future of Generic Drugs Market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market player

Main points in Generic Drugs Market Report Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Generic Drugs Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Generic Drugs Industry Impact

Chapter 2 Global Generic Drugs Competition by Types, Applications, and Top Regions and Countries
2.1 Global Generic Drugs (Volume and Value) by Type
2.3 Global Generic Drugs (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Generic Drugs Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Generic Drugs Market Analysis
Chapter 6 East Asia Generic Drugs Market Analysis
Chapter 7 Europe Generic Drugs Market Analysis
Chapter 8 South Asia Generic Drugs Market Analysis
Chapter 9 Southeast Asia Generic Drugs Market Analysis
Chapter 10 Middle East Generic Drugs Market Analysis
Chapter 11 Africa Generic Drugs Market Analysis
Chapter 12 Oceania Generic Drugs Market Analysis
Chapter 13 South America Generic Drugs Market Analysis
Chapter 14 Company Profiles and Key Figures in Generic Drugs Business
Chapter 15 Global Generic Drugs Market Forecast (2021-2027)
Chapter 16 Conclusions
Research Methodology

Continued…….

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