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Generic Drugs Market Value Projected to Expand By 2018-2026 With Key Vendors Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Fresenius Kabi, Sanofi, Endo International, Teva Pharmaceutical Industries

11-01-2018 08:32 AM CET | Health & Medicine

Press release from: Coherent Market Insights - Pharmaceutical Industry

Generic Drugs

Generic Drugs

Generic drugs refers to medication that have 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 counter parts. 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 period of patent exclusivity.

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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 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 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 opportunity for a large number of market players to manufacture its generic version. Furthermore, supportive initiative by FDA to promote development of biosimilars is encouraging manufacturers to focus towards its development. For instance, the Biologics Price Competition and Innovation Act in the U.S. gr ants 12 months patent exclusivity with higher profit margins to the first manufacturer than the conventional generic manufacturers bringing the drugs in market later. Various other factors contributing to growth of generic drugs market include rampant growth in incidence of chronic diseases.

Competitive Analysis - Generic Drugs Market

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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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

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1–206–701–6702
Email: sales@coherentmarketinsights.com

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