The U.S. generic drug market is a significant component of the nation's healthcare system

Market Size and Growth
• 2023: The U.S. generic drug market was valued at approximately $133.44 billion.
• 2024: The market size reached $93.6 billion, with expectations to grow to $126.0 billion by 2033, reflecting a compound annual growth rate (CAGR) of 3.4%.
• 2028: Projections estimate the market will reach $110.7 billion, growing at a CAGR of 4.12% from 2022 to 2028
Prescription Share
• As of 2022, 91% of all prescriptions in the United States were filled with generic drugs, underscoring their dominance in the market.

FDA Approvals and Innovation
• In 2022, the FDA approved 914 Abbreviated New Drug Applications (ANDAs), including 106 first generics, facilitating increased competition and access to medications.
• The FDA's Generic Drug User Fee Amendments (GDUFA) program has been instrumental in streamlining the approval process, particularly for complex generics, to ensure timely access to affordable medications
Global Impact and Indian Manufacturers
• Indian pharmaceutical companies play a crucial role in the U.S. generic drug market, supplying nearly half of all generic prescriptions. In fiscal 2024, India's generic drug exports to the U.S. amounted to $8.7 billion, constituting 31% of their total exports.
• Despite potential U.S. tariffs on pharmaceutical imports, Indian drugmakers are expected to maintain their strong presence in the U.S. market due to their cost-effectiveness. However, there are concerns that such tariffs could impact profit margins and lead to supply rationalization
Healthcare Savings
The introduction of generic medicines has significantly contributed to sustaining the U.S. healthcare system by improving patient access and generating savings for taxpayers, employers, and insurance providers https://www.eonlinepharmacystore.com/

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This release was published on openPR.