Major players in the generic pharmaceuticals market are Teva Pharmaceuticals, Mylan NV, Sandoz International GmbH, Hospira (Pfizer Inc. ) and Sun Pharmaceutical. The global generic pharmaceuticals market is expected to grow from $233.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Generic Pharmaceuticals Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151561/?utm_source=GNW
66 billion in 2020 to $245.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $331.54 billion in 2025 at a CAGR of 7.8%.
The generic pharmaceuticals market consists of sales of generic pharmaceuticals.A generic medicine is a medication designed to be identical as branded drugs marketed by private companies in dosage form, strength, safety, route of administration, performance characteristics, quality, and intended use.
Generic drugs work in the same way as branded drugs in terms of clinical benefits.Generic drugs are manufactured after the expiration of the exclusive rights or patent of the branded drugs.
For example, some of the generic drugs in the generic pharmaceuticals market include metformin, metoprolol, acarbose, acebutolol, aztreonam and many more.
The generic pharmaceuticals market covered in this report is segmented by therapy into CNS, cardiovascular, dermatology, genitourinary/harmonal, respiratory, rheumatology, diabetes, oncology. It is also segmented by distribution channel into hospital pharmacies, retail pharmacies, online pharmacies; by type into biosimilar, simple generic, super generic and by drug delivery into oral, inectables, dermal/topical, inhaler.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lack of awareness about generic drugs is one of the restraints on the generic pharmaceuticals market.The high marketing and advertisement of branded drugs overshadow the availability of generic drugs which are substitute for expensive branded drugs.
Thus, consumers opt branded drugs despite the fact that the generic drugs carry the same chemical formulation as their counter branded drugs.According to an article published on CVS HEALTH, many doctors and pharmacists preferred to offer branded drugs to their patients over generic drugs.
This prevents the patients to go for generic drugs as they develop a preconceived notion of generic drugs not being at par with branded drugs.For example, according to a research conducted by Sahana K Hebbar, on International Journal of Basic & Clinical Pharmacology, out of 100 patients and 50 non-medical staff, 95% of the patients and 60% of the non-medical staff didn’t know about generic drugs.
Thus, lack of awareness about the availability of generic drugs hamper the generic pharmaceuticals market.
3D printing technology has the ability to transform the manufacturing of drugs in the generic pharmaceuticals market. 3D printed pharmaceuticals help in improve R&D productivity and deliver new benefits to patients. 3D printing allows the manufacturer to produce drugs with customized size, shape, and texture which is not possible in traditional manufacturing of generic drugs. 3D printing can help the manufacturer to make generic drugs that have different release dates, appearances and taste. For example, GlaxoSmithKline (GSK) completed a study where ultraviolet (UV) and 3D printing were used to manufacture tablets to treat Parkinson’s disease. Martin Wallace, director of GSK Technology, said that GSK is investing in 3D printing advantages to manufacture pills and tablets. Also, Aprecia pharmaceutical company launched ’ZipDose’ technology which manufactures 3D printed drugs.
In January 2020, ANI Pharmaceuticals, Inc., a USA based integrated specialty pharmaceutical company focused on developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals acquired Commercial and Pipeline Generic Products from Amerigen Pharmaceuticals, Ltd. for $52.5M in cash. This acquisition substantially increases ANI Pharmaceuticals, Inc. commercial portfolio and late stage generic pipeline. Amerigen Pharmaceuticals, a USA based company focused on development, manufacture and sale of high quality generic pharmaceutical products.
The rising incidence of chronic diseases is one of the major drivers of the generic pharmaceuticals market.As more individuals are diagnosed with chronic diseases, they look for more medicines for the treatment.
Branded drugs come at a premium price, while generic drugs are available at a lower cost having the same chemical composition of branded drugs.The low cost and same chemical composition and strength of generic drugs make a patient buy generic drugs instead of branded drugs.
If it is a chronic disease, the treatment goes for a longer period of time and hence, the sales of generic drugs also increase.For instance, according to the WHO (World Health Organization), over the next 10 years, the deaths due to chronic disease is projected to increase by 17%.
Also, in 2020, almost 3-quarters of all deaths in the world is due to chronic diseases.
The drug manufacturers must comply with the CGMP (Current Good Manufacturing Practice) regulations that come under the US Food and Drug Administration (FDA) which includes generic pharmaceuticals.The CGMP regulations require manufacturers to maintain a minimum quality standard for the methods, controls, and facilities used in manufacturing, packaging, and processing of drug product.
The part- 99 of chapter 1 under title 21-Food And Drugs of CFR (Code of Federal Regulations) contains subparts from A to H.The whole part-99 describes the guidelines that need to be followed by drug manufacturers regarding the dissemination of information on human drugs, including biologics, and devices.
The guidelines concern with the safety, effectiveness, or benefit of use that is not included in the approved labelling for a drug or device approved by the Food and Drug Administration for marketing. The guidelines regulate the information regarding the drugs that should be delivered to the health care practitioner, pharmacy benefit manager, health insurance issuer, group health plan, or federal or state government agency.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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