A research report recently added by MarketResearchReports.biz to its vast repository projects that the global generic drugs market is expected to expand at a 10.53% CAGR from 2016 to 2020. The publication, titled ‘Global Generic Drugs Market 2016-2020,’ states that the market is being driven by the rising prevalence of diseases, the rising acceptance of generic medicines, and the growing awareness of private and social health insurance in emerging nations. Patent expiry of top selling medicines and the increasing global demand for generic drugs will also contribute towards the growth of the global market, state the analysts.
Generic drugs are identical to branded drugs in strength, dosage form, safety, quality, route of administration, intended use, and performance characteristics. However, these drugs are sold at nominal prices as compared to the branded drugs. Generic drugs cost approximately 80% to 85% lesser than their branded counterpart. Another factor that differentiates generic drugs from branded drugs is that they are available in the market as soon as the patent of original drug expires. Manufacturers of generic drugs submit the Abbreviated New Drug Application (ANDA) for approving the drugs before selling them. Owing to the mounting demand for generic drugs, the global market is expected to expand steadily throughout the forecast period.
The report on the global generic drugs market identifies key factors restricting the market’s growth. As per the findings of the report, adverse effects of generic drugs, stringent government rules, and the possible threat of counterfeit drugs are some of the factors expected to hamper the growth of the global market. The market for generic drugs is spread across various regions. Leading players are concentrating on investing more on research and development activities for new drug discoveries. Intense competition among key vendors is expected to make growth in this market difficult, which is a major challenge for the global market.
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Over the past few years, the global generic drugs market has witnessed many outsourcing activities. The increasing outsourcing of new drug development projects is expected to propel the global generic drugs market, predict analysts. The growing strategic alliances and partnerships between leading players and new entrants are also expected to benefit the global generic drugs market. By partnering with leading players, the new entrants are likely to adopt innovative technologies to manufacture drugs.
Based on geography, the global generic drugs market is divided into Asia Pacific, Europe, the Middle East and Africa, and the Americas. Companies such as Teva Pharmaceuticals, Sandoz, Allergan, Mylan, Sun Pharmaceuticals, and STADA Arzneimittel are operating across various regions in the global generic drugs market.
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