Global Generic Drugs Market To Be Driven By Consistent Government Support
The generic drugs market has exhibited steady growth for several decades and has consistently exhibited faster growth than that of the branded pharmaceuticals market. In recent years, the rising number of blockbuster branded drugs reaching patent expiry has given the generic drugs market a strong boost and is likely to remain a key driver for the market in the coming years.
In 2015, generic drug approvals hit an all-time high in the U.S. due in part to the initiation of a government program intended to fast-track generic drug approvals. Initiatives such as this are likely to be replicated across the world, thanks to the lower prices of generic drugs, which allows for more widespread adoption. In emerging countries, where the distribution of healthcare services remains subpar, the generic drugs market could be set for rapid growth in the coming years. This is likely to remain a prominent feature of the global generic drugs market in the coming years.
On the other hand, some of the key restraints on the global generic drugs market are the delayed launch of generic products and the negative public perception of generic drugs due to the lack of branding. Due to the crucial role of the patent expiry of branded drugs in the growth of the generic drugs market, the release of generic equivalents needs to be timed with the patent expiry of conventional drugs. Failure to release generic equivalents in time can cost the generic drugs market dearly.
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The perception of generic drugs as being inferior to branded drugs is likely to persist in the coming years, but the steady government support across the world could enable steady development of the generic drugs market.
The report examines the patent expiry timeline and the generic equivalents of notable small molecule drugs such as Tarceva (erlotinib), Lyrica (pregabalin), Benicar (olmesartan), Truvada (emtricitabine plus tenofovir), Zytiga (abiraterone), and Sensipar/Mimpara (cinacalcet).
The report also takes a close look at the various government strategies and policies used to promote the use of generic drugs. The compulsory licensing scenario in the U.S., the EU, and Asia Pacific is examined in the report. The impact of generic substitution in these three key markets is also assessed in the study.
The report examines leading players in the global generic drugs market, such as Teva, Sun Pharma, Aspen, Hospira, Mylan, Lupin, Sandoz, and Fresenius Kabi. The recent activity of these players in the generic drugs market and their SWOTs are examined in detail in the report.
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