Global Generic Pharmaceuticals- Market Overview:
Generic pharmaceuticals are medications that contain the same active ingredients as brand-name drugs but are typically sold under their chemical names. These drugs are developed and marketed after the patent protection for the original brand-name drug expires. Generic pharmaceuticals are subject to the same rigorous standards for safety, efficacy, and quality as their brand-name counterparts, as mandated by regulatory authorities such as the Food and Drug Administration (FDA) in the United States. In the United States, generic drugs represent the majority, accounting for 9 out of every 10 prescriptions filled. This widespread availability of generic medications promotes market competition, leading to more affordable treatment options and improved healthcare access for a greater number of patients. The global market for generic pharmaceuticals continues to grow as demand for affordable medications increases worldwide. Factors such as population growth, aging populations, and rising healthcare costs contribute to the expansion of the generic pharmaceutical industry on a global scale
As per latest study released by AMA Research, the Global Generic Pharmaceuticals- market is expected to see growth rate of 8.7%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Billion) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Digital transformation fosters efficiency and transparency throughout the generic drug ecosystem
Market Growth Drivers:
Growing demand for affordable generic medicines and Rising healthcare Investment due to the expansion of the generic pharmaceutical industry
Challenges:
Maintaining consistent product quality and compliance with regulatory standards
Restraints:
Obtaining regulatory approval for generic drugs can be a complex process due to stringent requirements
Opportunities:
Increasing partnerships and collaborations with generic manufacturers and pharmaceutical companies
Competitive Landscape:
Established pharmaceutical companies are major players, with extensive portfolios of generic drugs and global distribution networks. These companies leverage their economies of scale, manufacturing capabilities, and regulatory expertise to maintain competitive advantages in the market. There is a growing presence of emerging generic pharmaceutical companies, both domestic and international, seeking to penetrate the market with innovative generic drug formulations and biosimilars. These companies often focus on niche therapeutic areas or complex generic products to differentiate themselves and capture market share. Overall generic pharmaceuticals are characterized by a diversity of players competing on factors such as product quality, pricing, regulatory compliance, and market access, driving innovation and efficiency in the global pharmaceutical industry.
Some of the key players profiled in the report are Sun Pharmaceutical Industries Ltd. (India), LUPIN (India), Mankind Pharma (India), Abbott (United States), Emcure Pharmaceuticals Ltd. (India), AstraZeneca (United Kingdom), Sawai Pharmaceutical Co., Ltd. (Japan), Hikma Pharmaceuticals PLC (United Kingdom), Dr Reddy’s Laboratories Ltd. (India), Cipla Inc. (India) and Aurobindo Pharma (India). Additionally, following companies can also be profiled that are part of our coverage like Teva Pharmaceutical Industries Ltd. (Israel), Viatris Inc. (United States), Novartis AG (Switzerland), Endo International plc (Ireland) and Sanofi (France). Analyst at AMA Research see India Players to retain maximum share of Global Generic Pharmaceuticals- market by 2030. Considering Market by Route of Administration, the sub-segment i.e. Oral will boost the Generic Pharmaceuticals- market. Considering Market by Distribution Channel, the sub-segment i.e. Hospital Pharmacies will boost the Generic Pharmaceuticals- market.
In July 2023, Amneal Pharmaceuticals, Inc. officially introduced its authorized generic version of Xyrem®1 oral solution CIII in the United States. The company is planning to expand its generic portfolio in the United States., In January 2023, BDR Pharmaceutical unveiled its generic version of Apalutamide, which is used in treating prostate cancer, on the Indian market. The company aims to offer access to high-quality medicines at affordable prices. and In March 2023, Dr. Reddy's Laboratories Ltd. and its affiliates unveiled the launch of Regadenoson injectable, which is the USFDA-approved generic equivalent of Lexiscan® (Regadenoson) injectable, to capture share in the United States.
FDA-approved generic medications constitute approximately 90% of prescriptions in the United States. These approved generic drugs are held to the same rigorous standards of quality, strength, purity, and stability as their brand-name counterparts. Manufacturing, packaging, and testing facilities for generic drugs must meet identical quality benchmarks as those mandated for brand-name drugs
What Can be Explored with the Generic Pharmaceuticals- Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Generic Pharmaceuticals- Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Generic Pharmaceuticals-
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Generic Pharmaceuticals- market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Generic Pharmaceuticals- market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Drug Manufacturers, Sellers and Suppliers, Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End User Industry and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.