Press release
United States Generic Drugs Market is expected to reach US$ 147.57 Billion by 2028 compared to US$ 101.77 Billion in 2022.
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Furthermore, introducing generic medicines has helped sustain the country's healthcare system by improving patient access and generating savings for taxpayers, employers, and insurance providers. Besides, the market for generic drugs in the United States is currently encountering significant growth primarily due to the rising chronic prevalence of diseases such as diabetes, cardiovascular diseases, Parkinson's disease and Alzheimer's disease.
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The affordability and easy availability of the drugs majorly drive the generic drugs industry in the United States. The growing number of expired patents also plays a significant role in this market. In addition, payers and healthcare providers are facilitating the use of generic drugs due to the rising cost of healthcare, including prescription medications, in order to arrest costs. This trend is expected to further catalyze the United States generic drugs market. Moreover, different government initiatives provide incentives and lower reimbursement rates for generic prescriptions, creating a positive outlook for the market. The aging population in the United States requires more significant volumes of medications, which also contributes to the market's growth. Additionally, the expiration of patents for various blockbuster drugs creates growth opportunities for generic manufacturers.
Factors Driving Generic Drugs in United States
The growth of the generic drugs market can be attributed to the growing prevalence of chronic diseases, a rising senior population, and growing healthcare expenditure. The surging prevalence of chronic diseases is expected to improve the demand for effective treatment, which will boost the growth of the generic drug market in the future.
The senior population is more vulnerable to chronic diseases, resulting in an increased demand for effective prevention and treatment options, driving the market's growth. The population of United States is aging faster than before, and this demographic is also more prone to chronic diseases. This is expected to increase demand for generic drugs further and accelerate market expansion.
Different companies have adopted organic and inorganic strategies expected to boost the market's growth.
• In July 2021, Sandoz, a global leader in generic and biosimilar medicines, released Generic Ferumoxytol, an injectable drug used to treat iron deficiency anemia (IDA), in the United States.
• In February 2022, Jamp Pharma Group released Guanfacine XR, a generic version of the reference product INTUNIV XR by Takeda Canada Inc. that helps treat attention deficit hyperactivity disorder (ADHD).
• Yangtze River Pharmaceutical Group in China submitted the first marketing application for Eslicarbazepine Acetate, a class 3 generic medication used to treat epileptic patients, in October 2021.
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