Generic Drugs Market - Patent expiry of branded drugs is a factor expected to boost growth of the global generic drugs market

Market Overview:

Generic drugs are those that have the identical active chemical substance as that of a patented drug. Before generics became available, generic drugs were manufactured by using identical active ingredients, with the only difference being the chemical composition or dosage. Generic drugs can be sold without any authorization from the Food and Drug Administration. Generic drugs can also be made and approved at the same time as the patented drug if the company that holds the patent for the medicine can meet the necessary requirements. Once these requirements are met, a generic drug can be released into the market. Generic drugs, however, are not available without a prescription from a doctor, because generic drugs lack the security provided by patented drugs.

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Competitive Landscape:

Major players operating in the global generic drugs market include Sanofi, Novartis, Sun Pharma, Pfizer Inc., GlaxoSmithKline PLC, Eli Lilly and Company, AbbVie (Allergan), Abbott Laboratories, and Mylan NV.

Key Market Drivers:

Increasing cases of chronic diseases in the world are the main factor that is expected to drive the growth of the global generic drugs market. For instance, according to World Health Organization, around 422 million individuals in the world suffer from diabetes and around 1.6 million deaths are directly related to diabetes every year. Generic drugs are manufactured using the same facilities and methods as patented drugs. In fact, they are typically the same product created with the same quality and consistency. However, generic drugs are made so that they can meet or surpass the safety and efficacy requirements of the U.S. Food and Drug Administration. Generic drugs can be sold without the need for an expensive marketing campaign because generic drugs can be made for lower prices than patented drugs. Increasing product launches by key market players are estimated to propel the growth of the global generic drugs market.

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Covid-19 Impact Analysis:

The increasing incidence of COVID-positive cases in the world has majorly affected the growth of the global generic drugs market. For instance, according to Springer, in April 2020, the number of individuals infected with the SARS-CoV-2 was around 0.9 million with a death ratio of around 1.38%. Moreover, increasing transport restrictions and lockdown restrictions in several nations also affected the market growth.

Key Takeaways:

The size of the global generic drugs market was assessed at around US$ 263 billion in 2020 and at a CAGR of 6.58% is estimated to reach around US$ 385 billion in the year 2026, owing to increasing chronic diseases in the world. For instance, according to International Agency for Research on Cancer, in 2020 the global burden of cancer was around 19.3 million.

North America is expected to hold a major share of the global generic drugs market, owing to the increasing prevalence of drug manufacturers in the region. For instance, according to Pharmapproach, in 2019, the United States generated a revenue of around US$ 490 billion.

The Asia Pacific is expected to witness high growth in the global generic drugs market, owing to the increasing prevalence of pharma companies in the developing regions. For instance, according to India Briefing, there are more than 3000 drug companies in India, along with 10,500 manufacturing units.

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This release was published on openPR.