Generic Pharmaceutical Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Generic Pharmaceutical Market By Brand (Pure Generic Drugs, and Branded Generic Drugs), Route of Drug Administration (Oral, Topical, Parental, and Others), Application (Central Nervous System (CNS), Cardiovascular Disease (CVDs), Infectious Disease, Musculoskeletal Disease, Dermatology, Oncology, Respiratory, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and Forecast to 2028

 

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Report

Description

The generic pharmaceutical market size was valued at USD 459.68 billion in 2021 and is poised to grow at a significant CAGR of 5.5% over 2022–2028. A generic drug has exactly the same active ingredient as the brand-name drug and shows the same therapeutic effect. It is the same in dosing, safety, strength, method of administration, and quality. According to the U.S. Food and Drug Administration (FDA), a generic drug can only be marketed after the brand-name drug’s patent has expired, which may take up to 20 years after the patent holder’s drug is on the market. Generic drugs are usually less expensive than brand-name drugs. The crucial factors accountable for market growth are the low cost of generic drugs, and a large number of branded drug patents are going to expire. Also, the increasing use of robotic process automation (RPA), AI technology, Insilco method for drug discovery is providing lucrative growth prospects to the generic pharmaceutical market. However, the prevalence of chronic diseases like cardiovascular disorders (heart attacks and strokes), malignancies, and chronic respiratory diseases like asthma, and diabetes are also driving the market. These diseases impact people of all ages around the world due to the rapid growth of unplanned urbanization, the globalization of unhealthy lifestyles, and population aging. For instance, according to IDF, approximately 537 million adults (20-79 years) are living with diabetes. The total number of people have diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. In spite of the growth of the generic pharmaceutical market, the FDA’s stringent approval and distribution, high competition, and shortage of drugs are hindering the growth of the generic pharmaceutical market.

 

Recent Market Developments:

In Aug 2022, Dr. Reddy’s announced that it is gearing up for the US launch of its generic version of immunomodulatory drug Revlimid next month.

In Jul 2022, Dr. Reddy’s Laboratories launched an over-the-counter generic medication of Allegra for relief from nasal and sinus congestion due to colds or allergies.

Generic Pharmaceutical Market

MARKET SUMMARY
-
5.5%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 5.5%
  • Largest Market– Europe
  • Fastest Growing Market– North America

Generic Pharmaceutical Market

  • The report on generic pharmaceutical market gives historical, current, and future market sizes (US$ Bn) on the basis of by brand, by route of drug administration, application, distribution channel and geography.
  • The generic pharmaceutical market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Amgen
  • Apotex
  • Mylan
  • Pfizer
  • ASKA Pharmaceutical
Generic Pharmaceutical Market Dynamics

Chronic diseases are long-term illnesses that last for 3 months or longer like heart attacks, strokes, malignancies, and chronic respiratory diseases such as asthma, and diabetes. For instance, an estimated 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths of which 85% were due to heart attack and stroke. Moreover, 75% of incidents occurred in underdeveloped countries due to poor nutrition, lack of physical exercise, tobacco smoke exposure, and alcohol consumption. According to WHO, 22.3% of the global population used tobacco, 36.7% of all men, and 7.8% of the world’s women in 2021. The chances of occurring chronic disease are increasing due to rapid urbanization, and unhealthy lifestyles which fueled the growth of the generic pharmaceutical market.


North-America got significant share

Generic Pharmaceutical Market

The global generic pharmaceutical market is segmented into North America, Europe, Asia Specific, Latin America, and Middle East & Africa. North America held the major share in the market in 2021 and is expected to hold the position in forecasted years. It is mainly due to spending a high percentage of GDP in the health care sector and the prescription patterns that are mostly branded generic drugs. Europe is expected to have a significant market share and growth owing to government investments, initiatives, and an increase in the prevalence of chronic diseases. Also, Asia-specific is also dominating the global generic pharmaceuticals market. Nations like India & China have a major market share in terms of companies and business volume. For instance, China is the country with the highest number of diabetics worldwide, with around 141 million people suffering from the disease. These factors drive the market in Asia-specific regions.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The generic pharmaceutical market report provides granular level information about the market size, regional market share and forecast from 2022-2028
  • The report covers in-detail insights about the competitor’s overview, key findings and their key strategies
  • The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
  • The report tracks recent innovations, key developments and startup’s details that are working in the industry
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
Generic Pharmaceutical Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The generic pharmaceutical market is projected to expand at a CAGR of 5.5% during the forecast period

Abbott Laboratories, Amgen, Apotex, Mylan, Pfizer, ASKA Pharmaceutical

North America is the fastest-growing region for generic pharmaceutical market


Report

Table Of Content

1. Executive Summary
2. Global Generic Pharmaceutical Market Introduction
2.1. Global Generic Pharmaceutical Market – Taxonomy
2.2. Global Generic Pharmaceutical Market –Definitions
2.2.1. By Brand
2.2.2. By Route of Drug Administration
2.2.3. By Application
2.2.4. By Distribution channel
2.2.5. By Region
3. Global Generic Pharmaceutical Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Generic Pharmaceutical Market Dynamic Factors – Impact Analysis
3.6. Global Generic Pharmaceutical Market – Competition Landscape
3.7. Epidemiology
4. Global Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028
4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Generic Pharmaceutical Market, By Brand, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1. Pure Generic Drugs
5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Branded Generic Drugs
5.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Generic Pharmaceutical Market, By Route of Drug Administration, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1. Oral
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Topical
6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Parental
6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Others
6.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
7. Global Generic Pharmaceutical Market, By Application, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1. Central Nervous System (CNS)
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Cardiovascular Disease (CVDs)
7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Infectious Disease
7.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Musculoskeletal Disease
7.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
7.5. Dermatology
7.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Oncology
7.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.6.3. Market Opportunity Analysis
7.7. Respiratory
7.7.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.7.3. Market Opportunity Analysis
7.8. Others
7.8.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.8.3. Market Opportunity Analysis
8. Global Generic Pharmaceutical Market, By Distribution channel, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1. Hospitals Pharmacies
8.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Retail Pharmacies
8.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Others
8.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
9. Global Generic Pharmaceutical Market Forecast, By Region, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1. North America
9.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Europe
9.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. Asia-Pacific
9.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
9.4. Latin America
9.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.4.3. Market Opportunity Analysis
9.5. Middle East and Africa
9.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.5.3. Market Opportunity Analysis
9.6. Global Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Region, 2022-2028
10. North America Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
10.1. Brand Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Pure Generic Drugs
10.1.2. Branded Generic Drugs
10.2. Route of Drug Administration Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Oral
10.2.2. Topical
10.2.3. Parental
10.2.4. Others
10.3. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Central Nervous System (CNS)
10.3.2. Cardiovascular Disease (CVDs)
10.3.3. Infectious Disease
10.3.4. Musculoskeletal Disease
10.3.5. Dermatology
10.3.6. Oncology
10.3.7. Respiratory
10.3.8. Others
10.4. Distribution channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.4.1. Hospital Pharmacies
10.4.2. Retail Pharmacies
10.4.3. Others
10.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.5.1. USA
10.5.2. Canada
10.6. North America Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Country, 2022-2028
10.7. North America Generic Pharmaceutical Market Dynamics – Trends
11. Europe Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
11.1. Brand Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Pure Generic Drugs
11.1.2. Branded Generic Drugs
11.2. Route of Drug Administration Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Oral
11.2.2. Topical
11.2.3. Parental
11.2.4. Others
11.3. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Central Nervous System (CNS)
11.3.2. Cardiovascular Disease (CVDs)
11.3.3. Infectious Disease
11.3.4. Musculoskeletal Disease
11.3.5. Dermatology
11.3.6. Oncology
11.3.7. Respiratory
11.3.8. Others
11.4. Distribution channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.4.1. Hospital Pharmacies
11.4.2. Retail Pharmacies
11.4.3. Others
11.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.5.1. Germany
11.5.2. UK
11.5.3. France
11.5.4. Spain
11.5.5. Italy
11.5.6. Rest of Europe
11.6. Europe Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Country, 2022-2028
11.7. Europe Generic Pharmaceutical Market Dynamics – Trends
12. Asia-Pacific Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
12.1. Brand Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Pure Generic Drugs
12.1.2. Branded Generic Drugs
12.2. Route of Drug Administration Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Oral
12.2.2. Topical
12.2.3. Parental
12.2.4. Others
12.3. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Central Nervous System (CNS)
12.3.2. Cardiovascular Disease (CVDs)
12.3.3. Infectious Disease
12.3.4. Musculoskeletal Disease
12.3.5. Dermatology
12.3.6. Oncology
12.3.7. Respiratory
12.3.8. Others
12.4. Distribution channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.4.1. Hospital Pharmacies
12.4.2. Retail Pharmacies
12.4.3. Others
12.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.5.1. China
12.5.2. India
12.5.3. Japan
12.5.4. ASEAN
12.5.5. Australia & New Zealand
12.5.6. Rest of Asia-Pacific
12.6. Asia-Pacific Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Country, 2022-2028
12.7. Asia-Pacific Generic Pharmaceutical Market Dynamics – Trends
13. Latin America Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
13.1. Brand Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Pure Generic Drugs
13.1.2. Branded Generic Drugs
13.2. Route of Drug Administration Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Oral
13.2.2. Topical
13.2.3. Parental
13.2.4. Others
13.3. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Central Nervous System (CNS)
13.3.2. Cardiovascular Disease (CVDs)
13.3.3. Infectious Disease
13.3.4. Musculoskeletal Disease
13.3.5. Dermatology
13.3.6. Oncology
13.3.7. Respiratory
13.3.8. Others
13.4. Distribution channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.4.1. Hospital Pharmacies
13.4.2. Retail Pharmacies
13.4.3. Others
13.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.5.1. Brazil
13.5.2. Mexico
13.5.3. Rest of Latin America
13.6. Latin America Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Country, 2022-2028
13.7. Latin America Generic Pharmaceutical Market Dynamics – Trends
14. Middle East and Africa Generic Pharmaceutical Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
14.1. Brand Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.1.1. Pure Generic Drugs
14.1.2. Branded Generic Drugs
14.2. Route of Drug Administration Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.2.1. Oral
14.2.2. Topical
14.2.3. Parental
14.2.4. Others
14.3. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.3.1. Central Nervous System (CNS)
14.3.2. Cardiovascular Disease (CVDs)
14.3.3. Infectious Disease
14.3.4. Musculoskeletal Disease
14.3.5. Dermatology
14.3.6. Oncology
14.3.7. Respiratory
14.3.8. Others
14.4. Distribution channel Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.4.1. Hospital Pharmacies
14.4.2. Retail Pharmacies
14.4.3. Others
14.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.5.1. Gulf Cooperation Council (GCC) Countries
14.5.2. South Africa
14.5.3. Rest of MEA
14.6. MEA Generic Pharmaceutical Market – Opportunity Analysis Index, By Brand, By Route of Drug Administration, By Application, By Distribution channel, and Country, 2022-2028
14.7. MEA Generic Pharmaceutical Market Dynamics – Trends
15. Competition Landscape 
15.1. Strategic Dashboard of Top Market Players
15.2. Company Profiles (Introduction, Financial Analysis, Key Brands, Key Developments, Strategies, and SWOT Analysis)
15.2.1. Abbott Laboratories
15.2.2. Amgen
15.2.3. Apotex
15.2.4. Mylan
15.2.5. Pfizer
15.2.6. ASKA Pharmaceutical
15.2.7. AstraZeneca
15.2.8. Baxter International
15.2.9. Dr. Reddy’s Laboratories
15.2.10. Eli Lilly and Company
15.2.11. Endo International
15.2.12. GlaxoSmithKline
15.2.13. H. Lundbeck A/S
15.2.14. Hospira
15.2.15. Lupin Pharmaceuticals
15.2.16. Novartis International
15.2.17. Sanofi-Aventis
15.2.18. Sun Pharma
15.2.19. Teva Pharmaceutical Industries Ltd.
16. Research Methodology
17. Key Assumptions and Acronyms

Report

Company Profile

  • Abbott Laboratories
  • Amgen
  • Apotex
  • Mylan
  • Pfizer
  • ASKA Pharmaceutical
  • AstraZeneca
  • Baxter International
  • Reddy’s Laboratories
  • Eli Lilly and Company
  • Endo International
  • GlaxoSmithKline
  • Lundbeck A/S
  • Hospira
  • Lupin Pharmaceuticals
  • Novartis International
  • Sanofi-Aventis
  • Sun Pharma
  • Teva Pharmaceutical Industries Ltd.

Description

The generic pharmaceutical market size was valued at USD 459.68 billion in 2021 and is poised to grow at a significant CAGR of 5.5% over 2022–2028. A generic drug has exactly the same active ingredient as the brand-name drug and shows the same therapeutic effect. It is the same in dosing, safety, strength, method of administration, and quality. According to the U.S. Food and Drug Administration (FDA), a generic drug can only be marketed after the brand-name drug’s patent has expired, which may take up to 20 years after the patent holder’s drug is on the market. Generic drugs are usually less expensive than brand-name drugs. The crucial factors accountable for market growth are the low cost of generic drugs, and a large number of branded drug patents are going to expire. Also, the increasing use of robotic process automation (RPA), AI technology, Insilco method for drug discovery is providing lucrative growth prospects to the generic pharmaceutical market. However, the prevalence of chronic diseases like cardiovascular disorders (heart attacks and strokes), malignancies, and chronic respiratory diseases like asthma, and diabetes are also driving the market. These diseases impact people of all ages around the world due to the rapid growth of unplanned urbanization, the globalization of unhealthy lifestyles, and population aging. For instance, according to IDF, approximately 537 million adults (20-79 years) are living with diabetes. The total number of people have diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. In spite of the growth of the generic pharmaceutical market, the FDA’s stringent approval and distribution, high competition, and shortage of drugs are hindering the growth of the generic pharmaceutical market.

 

Recent Market Developments:

In Aug 2022, Dr. Reddy’s announced that it is gearing up for the US launch of its generic version of immunomodulatory drug Revlimid next month.

In Jul 2022, Dr. Reddy’s Laboratories launched an over-the-counter generic medication of Allegra for relief from nasal and sinus congestion due to colds or allergies.

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