According to the report “Global Generic Drugs Market,” published by Market Data Forecast, the global market is projected to reach USD 652.6 billion by 2021 from USD 575.6 million in 2016, at a CAGR of 10.53% from 2016 to 2021.
Generic drugs are copies of branded drugs which have exactly same composition, intended use, effects, side effects, risks, safety, and strength as the genuine drug. An example of a generic drug for diabetes is metformin. They are cost effective compared to branded drugs.
Generic drugs are also known as abbreviated drugs. To sell a generic drug manufacturing company must submit an Abbreviated New Drug Application for approval. The Drug Price Competition and Patent Term Restoration Act of 1984, mostly known as the Hatch-Waxman Act, made ANDAs feasible by creating a compromise in the drug industry. Generic drug companies have obtained greater access to the market for prescription drugs, and branded companies have obtained restoration of patent life for their drugs lost during FDA’s approval process.
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Global Generic Drugs Market: Drivers & Restraints
The cost-effectiveness of abbreviated drugs has given it a competitive lead over branded drugs in the market. Key driving factor for generic drugs is patent expiry for branded drugs. Patent for Branded drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150 billion worth of patents for branded drugs will expire by 2020 which will give generic drugs a huge advantage. One more trend which influences market growth is outsourcing. Vendors are using outsourcing as a strategy to reduce their capital which will be an advantage to generic drugs. Only restraint for this market is rigid rules setup by FDA for approval of these drugs and the threat of counterfeit drugs.
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Global Generic Drugs Market: Segmentation
- simple generics
- Super generics
- Y-o-Y Growth Analysis, By Product
- Market Attractiveness Analysis, By Product
- Market Share Analysis, By Product
By Therapeutic drugs
- Cardiovascular Products
- Anti-infective Drugs
- Anti Arthritis Drugs
- Central Nervous System Drugs
- Anti Cancer Drugs
- Respiratory System Drugs
- Y-o-Y Growth Analysis, By Therapeutic Drugs
- Market Attractiveness Analysis, By Therapeutic Drugs
- Market Share Analysis, By Therapeutic Drugs
From simple data collation through secondary and primary research to ad-hoc research requests relating to specific information, we provide our services via customization. Get customization at http://www.marketdataforecast.com/market-reports/global-generic-drugs-market-2183/customize-report
Global Generic Drugs Market: Overview
Super generics are sold at higher price than their pure generic counterpart. Super generics account for 18% of total spending on generic drugs. But biosimilars are comparatively cost effective even among generic drugs. Biosimilar drugs is expected to have significant growth during the forecast period.
The cost-effectiveness of generic drugs has given it a competitive advantage over branded drugs in the market. Generic drugs are governed by the same governing framework as branded drugs. The market for generic drugs is based on the premise that patented drugs come with a lifespan of 20 years, which begins from the phase of clinical trials. Hence, this cuts down the commercial life of patented drugs to approximately 15 years. After patent expiry, manufacturers of branded drugs have to face fierce competition from cheap generic contemporaries.
Global Generic Drugs Market: Region-wise Outlook
Based on Geography, Global Generic drugs market is further segmented in to regions such as North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. North America dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific is expected to grow significantly because of developing countries like India, China and Japan establishing pathways for approvals of generic drugs and their untapped market potential.
.Key Questions Answered
- What is the current and future Generic Drugs Market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Generic Drugs space globally?
- What are the key, high growth markets that Generic Drugs manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Generic Drugs currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Generic Drugs?
- What are the challenges and barriers that have hindered widespread adoption of Generic Drugs?
Global Generic Drugs Market: Key Players
Key players in this market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.
Reasons to buy Global Generic Drugs Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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