Press release
Generic Drugs Market - Global Industry Insights, Trends, Outlook, and Analysis, 2017-2025
Request Table of Content Of This Report: https://www.coherentmarketinsights.com/ongoing-insight/toc/1132
Patent expiry of branded drugs is a factor expected to boost growth of the global generic drugs market
Manufacturers of generic drugs are focusing on development and introduction of various innovative medication and formulation such as biosimilars. According to IMS Health data, generic drugs accounted for over 80% of the prescriptions dispensed in the U.S. in 2013. The number of patents expiring in the near future serves to be a major driver for growth of generic drugs market. For instance, Cetuximab (Erbitux) is an epidermal growth factor receptor inhibitor that is indicated in the treatment of metastatic colorectal cancer and head and neck cancer. It is manufactured under the patent by Bristol-Myers Squibb and Eli Lily Company in Europe. The drug’s patent expires in 2018 and thus, is expected to provide opportunity for a large number of market players to manufacture its generic version. Furthermore, supportive initiative by FDA to promote development of biosimilars is encouraging manufacturers to focus towards its development. For instance, the Biologics Price Competition and Innovation Act in the U.S. gr ants 12 months patent exclusivity with higher profit margins to the first manufacturer than the conventional generic manufacturers bringing the drugs in market later. Various other factors contributing to growth of generic drugs market include rampant growth in incidence of chronic diseases. However, shortage of active pharmaceutical ingredients leading to unavailability of generics in the market and increasing FDA pressure on manufacturers regarding manufacturing quality of these drugs are hindering the market growth.
Asia Pacific to gain significant traction in the global generic drugs market owing to increasing number of local players
On the basis of region, the global generic drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held a dominant position in the global generic drugs market in 2016. This is attributed to favorable regulatory policies that are revised and amended to encourage generic drugs business in the region. For instance, Generic Drug User Fee Amendment (GDFUA) was reauthorized in 2017 after its initiation in 2012 by FDA for increasing consumer access to high quality, safe, and affordable drugs. On the other hand, Asia Pacific is expected to show a significant traction in the market over the forecast period. This is attributed to lower manufacturing costs and high skilled workforce in the Asian countries. According to India Brand Equity Foundation, India has the second largest number of U.S. FDA manufacturing plants outside the U.S. that are involved in generic drugs manufacturing. Additionally, the cost of manufacturing is 33% lower in India than that in the U.S., increasing accessibility to generics in these countries.
New drug launches and market approvals from the U.S. FDA to generic manufacturers are bolstering growth of the generic drugs market. For instance, in December 2017, Zydus Phamaceuticals — a subsidiary of Cadila Healthcare — received U.S. FDA approval to market Pramipexole Dihydrochloride extended-release tablets for the treatment of Parkinson ’s disease in the U.S. market. Key players operating in the global generic drugs market are Teva Pharmaceutical Industries, Mylan N.V., Novartis International AG, Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Fresenius Kabi, Sanofi, Endo International, Lupin Ltd., Abbott Healthcare, AstraZeneca Plc, and Novo Nordisk.
Browse The Complete Report @ https://www.coherentmarketinsights.com/ongoing-insight/generic-drugs-market-1132
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Visit our news Website: http://www.coherentchronicle.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Generic Drugs Market - Global Industry Insights, Trends, Outlook, and Analysis, 2017-2025 here
News-ID: 936336 • Views: …
More Releases from CMI - Research
Global Generic Sterile Injectable Market - Insights, Size, Share, Opportunity An …
The generic sterile injectable market is expected to gain steady traction in the foreseeable future as the sterile injectable products find its application across a wide number of diseases and medical condition. Manufacturers are focused on increasing the production of generic sterile injectable to meet the rising demands without compromising on the quality of the injectable.
Apart from prevalence of chronic diseases, several other factors that are responsible to fuel the…
Global Intravenous Access Devices Market - Catheters (Midline Peripheral Cathete …
Rising incidence of cardiovascular disease due to increase in the prevalence of diabetes, high blood pressure cases and number of smokers worldwide is expected to favor the demand for intravenous access device around the globe.
According to World Health Organization (WHO), in 2015 around 17.7 million people died due to cardiovascular disease worldwide. Furthermore, the majority of deaths are occurred in emerging economies due to high prevalence rate and lack of…
Global Myelodysplastic Syndrome (MDS) Treatment Market, By Drug (Azacitidine, Le …
According to the American Society of Hematology, in 2016, prevalence of MDS ranged from 0.22-13.2 per 100,000, on all age categories and ethnicities globally. Increasing public awareness about the disease and introduction of new treatment for MDS will drive the growth of the market. Furthermore, growing aging population is analyzed to be a major factor propelling the growth of myelodysplastic syndrome treatment market. According to NCBI, 2012, the incidence of…
Global Multiplexed Diagnostic Market by Product Type Reagents & Consumables and …
The multiplexed diagnostic market is gaining significant traction due to the rising prevalence of autoimmune diseases. According to the Centers for Disease Control and Prevention (CDC), the prevalence of arthritis from 2013 to 2015, was estimated in 54 million U.S adults (22.7%) and by 2040, it is expected to be 78 million (26%) U.S adults age 18 years or older. The data represent the high prevalence of autoimmune diseases, indicating…
More Releases for FDA
DreaMed receives 5th FDA Clearance
TEL AVIV, Israel: DreaMed Diabetes LTD. ("DreaMed" or the "Company"), developer of the endo.digital Clinical Decision Support System announced today that it has received its 5th U.S Food and Drug Administration (FDA) clearance that expands the scope of AI enhanced treatment recommendations to patients on fixed meal insulin regimens. endo.digital is the first decision support system that has been cleared to assist healthcare providers in the management of diabetes…
FDA Compliant Blood Storage and Preservation
Accsense Monitoring System Automates Data Archive and Alarming
CAS DataLoggers provided the temperature alarming and monitoring system to a hospital blood bank looking to replace their old paper chart recorders as they became unreliable and spare parts were harder to find. For proper blood storage and preservation, the lab’s medical units needed to maintain storage temperatures between 2°C to 6°C (36°F to 43°F), given the perishability of blood components. The facility…
FDA grants orphan drug status to Vicore
US Food and Drug Administration has awarded Vicore Pharmaceuticals with orphan Drug designation for the treatment of Idiopathic Pulmonary Fibrosis (IPF). FDA’s Orphan Drug Designation program provides certain incentives for companies developing therapeutics to treat rare diseases or conditions, defined as those affecting less than 200,000 individuals in the U.S. A drug candidate and its sponsor must meet several key criteria in order to qualify for, and obtain, orphan drug…
New FDA Design Control Training Courses
Salt Lake City, Utah - February 23 2017 - Procenius Consulting is a medical device consulting firm specializing solely in medical device design controls regulation (21 CFR 820.30).
Announcing New Design Control Training Courses
Procenius Consulting has just launched two new training courses covering basic and advanced topics of medical device design control regulation. These courses focus on compliance, practical implementation and industry best practices techniques for developing or improving a…
fda online training
GRC Training Solutions provides end-to-end FDA compliance solutions for those companies who want to maximize security, minimize operational costs, improve staff productivity and stay on top of all their compliance documentation.
GRC Training Solutions boasts a team of experts and specialists who have a proven track record in working with the biotechnology, medical device, diagnostic and pharmaceutical fields. Our team will work with you closely and develop solutions that meet…
FDA online training
Description:
Device firms, establishments or facilities that are involved in the production and distribution of medical devices intended for use in the U.S are required to register annually. Most establishments that are required to register with the FDA are also required to list the devices that are made there and the activities that are performed on those devices. Initially, FDA issued a 28-page Proposed Rule that would amend its regulations regarding…
