Press release
Generic Drugs Market Shows Rampant Growth By 2026 Due To Patent Expiry Of Branded Drugs: Growth Analysis By World’s Top Key Players Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Sanofi, Lupin Ltd., Abbott Healthcare, AstraZeneca Plc, Novartis Interna
Global Generic Drugs Market
Generic drugs refer to medication that has the same active ingredient as that of a branded drugs. These drugs also yield the same therapeutic effect and are prescribed in the same dosing, with the same quality, and same the way of consumption and usage. However, the inactive ingredients of generic drugs can differ as compared to their branded counterparts. These drugs are mainly marketed after a patent expiry of a branded drug and are significantly lower in costs as compared to the patented branded drugs. Generic drugs are of equivalent quality as compared to the branded drugs and are manufactured under the same safety and manufacturing procedures. Various manufacturers submit an abbreviated new drug application (ANDA) to the FDA after the completion of the period of patent exclusivity.
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Generic Drugs Market Dynamics:
"Patent Expiry Of Branded Drugs Is A Factor Expected To Boost Growth Of The Global Generic Drugs Market"
Manufacturers of generic drugs are focusing on the development and introduction of various innovative medication and formulation such as biosimilars. According to IMS Health data, generic drugs accounted for over 80% of the prescriptions dispensed in the U.S. in 2013. The number of patents expiring in the near future serves to be a major driver for the growth of 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 and thus, is expected to provide an opportunity for a large number of market players to manufacture its generic version. Furthermore, a supportive initiative by FDA to promote the development of biosimilars is encouraging manufacturers to focus towards its development. For instance, the Biologics Price Competition and Innovation Act in the U.S. grant 12 months patent exclusivity with higher profit margins to the first manufacturer than the conventional generic manufacturers bringing the drugs in the market later. Various other factors contributing to the growth of generic drugs market include rampant growth in the incidence of chronic diseases. However, shortage of active pharmaceutical ingredients leading to unavailability of generics in the market and increasing FDA pressure on manufacturers regarding the manufacturing quality of these drugs are hindering the market growth.
World’s Top Key Players:
Key players operating in the global generic drugs market are 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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Generic Drugs Market Taxonomy:
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
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