North America Generic drugs market was worth USD 58.06 Billion in 2015 and is expected to reach USD 93.50 Billion by 2021 with a CAGR of 10.0 %. This market will increase tremendously during forecast period.
Generic drugs are pharmaceutical drugs which have exactly same dosage, safety, effects, side effects, intended use, risks, 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.
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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. Right now most of the doctors in US are prescribing generic drugs which will improve even further. 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.
North America 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
- North America
- United States
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.
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