Japan Generic Drugs Market Expected to Exceed JPY 2622 Billion by 2023

The Japan generic drug market has gained momentum in the last ten years as the government is taking active participation in encouraging the use of generic drugs. This is done by substituting low-cost generic drugs for their more expensive counterparts.

Japan represents the eighth largest market for generic drugs in the world. The latest report by IMARC Group titled, “Japan Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Japan generic drug market reached a value of JPY 1480 Billion in 2017, growing at a CAGR of almost 8.4% during 2010-2017. Generic drugs offer the same dosage, strength, quality, form, effect, intended use, side-effects, route of administration, therapeutic effect, etc. As compared to the other developed regions such as the United States and Europe, the generic drugs market in Japan has witnessed a lower penetration rate. The major cause of the sluggish growth of this industry is the lack of confidence in the credibility and quality of generic drugs. Subsequently, the branded drugs are more preferred among the physicians and the consumers. Generic drugs also remained less popular in Japan owing to the lack of generic substitution rights for Japanese pharmacists, slower review times in the drug approval process and difficulties in working with major pharmaceutical distributors – many of whom were closely tied to major branded drug manufacturers.

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Highlights of the Japan generic drug market:

The market witnessed a sluggish demand in the past owing to lack of generic substitution rights for Japanese pharmacists.
Due to government initiatives, the market growth has gained momentum during the last decade.
Low-cost generic drugs are expected to lead the market growth.

The demand for the generic drugs in Japan, however, has changed noticeably over the last decade. The government of Japan has identified growth of the country’s generic drug market as an essential part of Japan’s long-term economic prosperity. Considering the country’s increasing aging population and rising costs of branded drugs, the government is focusing on encouraging the use of generic drugs in order to decrease the overall expenditure in the medical sector. This is expected to be achieved by substituting low-cost generic for the more expensive generic drugs. Catalysed by these initiatives, the generic drug market in Japan is expected to reach a value of JPY 2362 Billion Tons by 2023.

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The report analyses the competitive landscape of the market and provides details of the major players in the market. Some of these include Teva Pharmaceutical Ltd., Sawai Pharmaceutical Co., Ltd., Nichi-Iko Pharmaceutical Co., Ltd., Pfizer Japan Inc., Meiji Seika Pharma, Towa Pharmaceutical, Nipro Pharma Corporation, Fuji Pharma Co., Ltd., Daiichi Sankyo Espha Co., Ltd. and Nihon Generic Co. Ltd. The report also provides an in-depth analysis on the historical, current and future trends in the generic drug market in Japan. This research report serves as an exceptional tool to understand the drivers, sales trends, prescription trends, market structure, competitive landscape, regulations, key players, key drugs, manufacturing and the outlook of generic drug market in Japan. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who want to gain an insight into the market for generic drugs in Japan.

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This release was published on openPR.