Generic Drugs Market to Witness Robust Expansion by 2021 | Market Data Forecast
Global Generic drugs market was worth USD
395.20 billion in 2016 and is expected to reach USD 652.6 billion by 2021 with
a CAGR of 10.53%. This market will increase tremendously during forecast
period.
Generic drugs are copies of branded drugs
which have exactly same composition, intended use, effects, side effects,
risks, safety, and strength as the genuine drug. An example of a generic drug
for diabetes is metformin. They are cost effective compared to branded drugs.
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Generic drugs are also known as abbreviated
drugs. To sell a generic drug manufacturing company must submit an Abbreviated
New Drug Application for approval. The Drug Price Competition and Patent Term
Restoration Act of 1984, mostly known as the Hatch-Waxman Act, made ANDAs
feasible by creating a compromise in the drug industry. Generic drug companies
have obtained greater access to the market for prescription drugs, and branded
companies have obtained restoration of patent life for their drugs lost during
FDA's approval process.
The cost-effectiveness of abbreviated drugs
has given it a competitive lead over branded drugs in the market. Key driving
factor for generic drugs is patent expiry for branded drugs. Patent for Branded
drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150
billion worth of patents for branded drugs will expire by 2020 which will give
generic drugs a huge advantage. One more
trend which influences market growth is outsourcing. Vendors are using
outsourcing as a strategy to reduce their capital which will be an advantage to
generic drugs. Only restraint for this market is rigid rules setup by FDA for
approval of these drugs and the threat of counterfeit drugs.
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Generic drugs market is
segmented into Biosimilars, Simple generic and Super generic. Based on
therapeutic drugs, they are further segmented into Cardiovascular products,
anti-infective products, anti-arthritis drugs, central nervous system drugs,
anti-cancer drugs, respiratory products, and others. Super generics are sold at
higher price than their pure generic counterpart. Super generics account for
18% of total spending on generic drugs. But biosimilars are comparatively cost
effective even among generic drugs. Biosimilar drugs is expected to have
significant growth during the forecast period. Based on Geography, Global Generic
drugs market is further segmented in to regions such as North America,
Asia-Pacific, Europe, Latin America and Middle East and Africa. North America
dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific
is expected to grow significantly because of developing countries like India,
China and Japan establishing pathways for approvals of generic drugs and their
untapped market potential.
Key players in this market
are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr.
Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH,
Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical
and others.
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