The use of generic drugs is expanding across the world. As they are nothing but the copy or equal substitute and offer the same treatment results as that of the innovator drug that too at a low cost, most of the people opt for generic drugs. The generic drugs are usually manufactured after the expiration of the patents on existing drugs.
The global generic drugs market is propelled by the growing prevalence of chronic diseases, increase in preference for generic drugs over innovator drugs in emerging countries, and growing demand for cost-effective treatment. Generic drugs on average costs nearly 80-85% than the reference drug. This is because the manufacturers don’t have to develop the drug from the scratch as well as perform costly and lengthy research that brand manufacturers have done. Thus, most of the major players are focusing on the manufacture of generic drugs. Additionally, it is reported that around 90 percent of the prescriptions filled in the United States are for generic drugs. The use of generic drugs also supports the growth of the economy as it helps the healthcare systems to save billions of dollars annually. All such factors coupled with expanding portfolio of generic drugs in the treatment of respiratory disease, cardiovascular diseases, cancer, pain, and mental health disorders are escalating the growth of the global market. Furthermore, technological advancements for the development of generic drugs to enhance access to treatments may provide several opportunities for the growth of the global market.
The global generic drugs market is segregated based on drug type, route of administration, application, distribution channel, and region. The drug type segment consists of immunoglobulin, insulin, vaccines, cytokines, monoclonal antibodies, and others. Injectable, inhalants, dermal/topical, and oral are the different routes of administration of the generic drugs. The generic drugs have applications in the treatment of autoimmune diseases, diabetes, oncology, cardiovascular diseases, and others. The distribution channel segment is split into retail pharmacy and hospital pharmacy.
North America is estimated to hold the largest share in the global generic drugs market during the forecast period. Major factors contributing to the growth of the market in this region include encouraging regulatory rules to boost the manufacture of generic drugs, growing prevalence of the diseases, and increase in preference for generic drugs. Asia Pacific market is expected to rise substantially over the forecast period owing to the growing inclination of Indian pharmaceuticals towards the manufacture of generic products and increase in the use of generic drugs owing to its cost-effective nature.
Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Limited, Taisho Pharmaceutical Holdings Co Ltd, Baxter International Inc., Mylan N.V., Sandoz International GmbH, ALLERGAN, Abbott Laboratories, Pfizer Inc., GlaxoSmithKline Plc., and Biocon are some of the key participants operating in the global generic drugs market.
In March 2021, to launch generic drugs in Brazil, Biocon had partnered with Libbs Farmaceutica.
In May 2021, Dr. Reddy announced the launch of Ertapenem injection in the United States. It is the generic version of Invanz injection that is indicated to treat bacterial infections.