The growing number of generic drugs in the market today is primarily attributed to the patent expirations in various medical fields, including inhalers and nasal sprays. The absence of the need for research and development or major marketing strategies allows the average price of generic drugs to have been US$35.22 in 2008, as opposed to the US$137.9 average for branded drugs, according to the NACDS.
The sales of generic inhalers and nasal sprays is expected to increase even further after the release of studies that point to an increase in the number of patients suffering from restrictive and even life-threatening respiratory diseases, such as COPD and asthma. The incredibly high healthcare costs, especially in developed economies, is therefore driving this growing patient pool towards generic drugs.
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Quality control could pose an issue in the overall growth of generic inhalers and nasal spray sales, an issue that governments are trying to control through increasing the stringency of related regulatory frameworks and quality assurance measures.
Cost Effective Generic Prescription Drugs Boost Inhalation and Nasal Spray Generic Drugs Sales
All the commercially available inhalation and nasal spray generic drugs must be approved by the U.S. FDA. The standard generic drugs are usually offered at very low costs, increasing consumer their appeal to the consumer base.
Patent expirations are the primary reason for the explosion of generic drugs in the market. “Generic drug makers are able to reproduce the patent expired drugs at such a low price due to the elimination of the need for advertising and market, and most importantly, research and development,” explains a TMR analyst.
When generic drugs are added to the current mix of the healthcare industry, where medical expenses are extremely high, the introduction of new generic drugs will be a welcome change.
Emerging Economies under Stringent Regulations Against Inhalation and Nasal Spray Generic Drugs
“Quality is quickly becoming a primary cause for concern for inhalation and nasal spray generic drugs in developing economies,” states a TMR analyst. “The integrity of generic inhalers is being questioned in most of the emerging economies in the world due to the sheer number of companies coming forth with their versions of generic inhalation and nasal spray generic drugs.”
Due to this influx of generics into the commercial markets in developing regions, national governments have implemented a progressive standard for generic medicines and their sales. This could directly hamper the overall growth rate of the revenue generated.
The high stringency of regulations can be visible particularly in Russia, India, and Brazil. For instance, ANVISA of Brazil had modified its process of accepting and approving new generics. These changes will now cause new inhalation and nasal spray generic drugs to be approved after three to four years.
COPD and Asthma Patient Numbers on the Rise, Could Push Inhalation and Nasal Spray Generic Drugs Market to US$35 bn by 2023
The global inhalation and nasal spray generic drugs market is expected to reach just over US$35 bn by 2023. By the end of 2016, this market is expected to be valued around US$23 bn. It is expected to expand at a CAGR of 5.5% between 2015 and 2023, which is caused by the growing number of patients suffering from chronic obstructive pulmonary disease and asthma, along with other respiratory diseases that can prove to be fatal.
Based on drug class, the segment of combinations was the largest in 2014 and 2015, and is expected to be valued at US$6.4 bn in 2016.
The sales of inhalation and nasal spray generic drugs are expected to increase further through the growth of awareness among consumers of the advantages of procuring generic prescriptions.
The information presented in this review is based on a Transparency Market Research report, titled, “Inhalation and Nasal Spray Generic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
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