Generic Drugs market: A generic drug is pharmaceutical drug, which is bio equivalent to branded drug. Generic drugs are usually approved after patent expiration of patent drugs.
Global Market Outline: Generic Drugs Market
Global generic drugs market is driven by the prevalence of various diseases, need for cost effective drugs for treatment, and government initiatives to increase the use of generic drugs. In addition, favourable regulatory policies, expiry of the branded drugs, and growth in biosimilars segment are expected to boost the generics drugs market. Furthermore, participants in the supply chain such as wholesalers, retailers and pharmacies also benefit from the sale of the generic drugs with high margins compared to branded generics. This emerged as key driver for the growth of global generic drugs market. However, lack of awareness about the availability of generic drugs, competition from branded generics and lack of price control are hampering the generic drugs market.
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Generic Drugs market segmented based on therapeutic area and distribution channel
Based on therapeutic area, global generic drugs market is segmented into
- Cardiovascular
- CNS
- Antibiotics
- Oncology
- Gastrointestinal
- Hormones
- Pain Management
- Others
Based on distribution channel, global generic drugs market is segmented into
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
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Generic drugs market is highly fragmented market, presence of large players and small players. To improve their market position in generic drug market companies are adopting strategies like expanding their market presence through collaboration and entering into new markets. For instance, in January 2017, Medical inhaler company Vectura Group PLC collaborated with Sandoz, a division of Novartis AG, to develop a generic version of an inhaler therapy for asthma and COPD (chronic obstructive pulmonary disease). In January 2016, Momenta collaborated with Mylan Laboratories for the development, manufacture and commercialization of six of its biosimilar candidates, including M834, Orencia (abatacept) a biosimilar candidate. Mergers and acquisitions are key strategies adopted by various market players. For instance, in August 2016, Teva Pharmaceutical Industries Ltd Acquired Allergen’s generic business Actavis Generics to expand their product, R&D portfolio and geographical footprint in generic market.
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Geographically generic drugs market segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America generic drugs market is expected to grow at significant rates owing to availability of more number of generics, increase awareness about the generic drugs and favourable regulatory policies and acts such as Affordable Care Act 2010. In Europe region, Belgium and UK expected to grow at notable rates owing to prevalence of chronic diseases, increase in investment on biosimilars, and increase awareness about generic drugs. Asia Pacific Region expected to be fastest growing due to increased government initiatives in usage of generic drugs and increase in awareness about generic drugs. Especially emerging countries like India government initiating different policies and schemes to boost the usage of generic drugs, For instance, Government of India taken an initiative of opening Jan aushadhi stores to make available quality generic medicines at affordable prices to all citizens.
Some of the market players in generic drugs market are Mylan N.V. (U.S.), Sun Pharmaceutical Industries Limited (India), Teva Pharmaceutical Industries, Ltd. (Israel), Dr Reddy’s Laboratories (India), Novartis AG (Sandoz International GmbH) (Switzerland), Apotex Holdings Inc. (Canada), Endo International plc (U.S.), Pfizer Inc. (U.S.), Johnson & Johnson Services Inc., (Janssen Pharmaceutica) (U.S.), Lupin Limited (India), Merck & Co, Inc. (U.S.), Mitsubishi Tanabe Pharma (Japan), Momenta Pharmaceuticals (U.S.), Nexus Pharmaceuticals (U.S.), and Novo Nordisk (Denmark) to name a few.
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