Largest Generic Drug Manufacturers & Companies in the Worldwide 2024 | IMARC Group

Generic Drugs Market Overview:

A generic drug is similar to a branded drug in terms of active ingredients, strength, dosage, efficacy, and route of administration. However, generic drugs are sold under their chemical name and are comparatively more cost-effective than their counterparts. For approval, generic drugs undergo rigorous testing to ensure their safety and efficiency. These medications are often introduced once the patents or exclusivity rights held by the original manufacturer expires, allowing other pharmaceutical companies to produce and sell them. Some of the advantages of generic drugs include immediate access to essential treatments, reduced healthcare costs, and therapeutic equivalence.

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How Big is the Generic Drugs Market:

• Market Size Value in 2023: US$ 367.1 Billion
• Industry Revenue Forecast in 2032: US$ 628.0 Billion
• Growth Rate: CAGR of 5.96%
• Base Year of Estimation: 2023
• Historical Data: 2018-2023
• Future Forecast Period: 2024-2032

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Generic Drugs Trends and Growth:

The expiration of patents for branded drugs represents the prime factor driving the generic drugs market. This allows manufacturers to produce and sell a more cost-effective version of the same medication, broadening access to essential medications and offering significant cost advantages. For example, the Government of India (GoI), in 2021, launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) to providr quality generic medicines at affordable prices to the citizens, especially the deprived ones. Moreover, regulatory support from bodies like the U.S. Food and Drug Administration (FDA) influences companies to invest in generic drug development. For instance, in May 2023, Lupin acquired approval from the FDA for its Abbreviated New Drug Application for Obeticholic Acid Tablets, 5 mg and 10 mg, a generic equivalent of Ocaliva Tablets, 5 mg and 10 mg, of Intercept Pharmaceuticals, Inc.

In another instance, in March 2022, Viatris Inc. and Kindeva Drug Delivery L.P. announced that, Mylan Pharmaceuticals Inc., a Viatris subsidiary, has received approval from the U.S. Food and Drug Administration (FDA) for its Generic Version of Symbicort Inhalation Aerosol, Breyna. Furthermore, strategic partnerships, acquisitions, and collaborations among generic drug manufacturers help companies expand their product portfolios and distribution networks, taking advantage in shared technologies and expertise. Besides this, advancements in technology and manufacturing capabilities enable the production of generic drugs with improved characteristics, which improves profitability and market presence of these companies. For example, October 2021, Dr. Reddy's Laboratories launched an anti-cancer drug in the Chinese market through its joint venture, Kunshan Rotam Reddy Pharmaceutical Co. Ltd. (KRRP). The drug is a therapeutic equivalent generic version of Zytiga, primarily owned by Johnson & Johnson.

Top Companies in Generic Drugs Market:

• Teva Pharmaceuticals Industries Ltd.
• Mylan N.V.
• Novartis AG
• Pfizer Inc.
• Sun Pharmaceutical Industries Ltd.
• Fresenius SE & Co.
• Lupin Limited
• Endo Pharmaceuticals Inc.
• Aurobindo Pharma Limited
• Aspen Pharmacare Holdings Limited

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