Description

The global generic drugs market is valued at approximately USD 265 billion in 2020, and it is expected to witness a revenue of USD 387 billion in 2027, with a CAGR of 6.67% over the forecast period. A generic drug is pharmaceutical drug, which is bio equivalent to branded drug. Generic drugs are usually approved after patent expiration of patent drugs. global Market is driven by the prevalence of various diseases, need for cost effective drugs for treatment, and government initiatives to increase the use of generic drugs. In addition, favourable regulatory policies, expiry of the branded drugs, and growth in biosimilars segment are expected to boost the generics drugs market. Furthermore, participants in the supply chain such as wholesalers, retailers and pharmacies also benefit from the sale of the generic drugs with high margins compared to branded generics. This emerged as key driver for the growth of the market. However, lack of awareness about the availability of generic drugs, competition from branded generics and lack of price control are hampering the generic drugs market. Because researchers were not allowed to attend laboratories and conduct ongoing experiments owing to the pandemic, several clinical trials were postponed. Those molecules would enter the market as a patented molecule if there were no interruptions, resulting in an increase in the generic drugs market during the predicted period. Because the global market is so large, it is expected to keep rising over the projection period. The rising prevalence of chronic diseases, the growing senior population, and rising healthcare costs are all factors contributing to this trend.

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