Generic Drugs Market Development, Trends, Segmentations Analysis
Looming patent expiration is key to growth of the generics drugs market. Generics are drugs that have same or similar composition of ingredients, and are sold by the salt name instead of titles used for marketing. Besides, they have a performance equivalent to that of the branded drug.
These drugs fall into the following categories – simple and super generics, and biosimilars. Other categories include anti-arthritis, anti-cancer, cardiovascular drugs, anti-infective drugs, central nervous system drugs and respiratory drugs, among many others.
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The report by Transparency Market Research (TMR) offers a deep dive into market dynamics of the global generic drugs market. It is a holistic blueprint of elementary components as well as comprehensive analysis of competitor landscape, regional analysis and trends and drivers. Besides, distinct segments like that of product, supply chain networks, and consumers groups and so on, are evaluated to understand the contribution of each to the growth trajectory over the forecast period.
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Global Generic Drugs Market: Overview
Growing at a majestic CAGR (Compound Annual Growth Rate, owing to major drugs set to witness patent expiration over the forecast period, the global generics drugs market is set to see generation of a number of growth opportunities in the market landscape. Besides, the forecast period of 2019 to 2027 will witness a rise in the worth of the global generic drugs market worth.
It is worth noting here that branded drugs, unable to extend drug exclusivity in the pharmaceutical market landscape will give way to much growth in the cost-effective generics which have the same active ingredient s the branded drugs. It is also worth noting that past 20 years, from the start of clinical trials, drugs stand to lose patent. Effectively, this leads exclusivity for commercial purposes to about five years. Post this period, these stands to face fierce competition from generic drugs players, flanking the market landscape
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Companies Covered in the Study Report
The Generic Drugs Market is rife with notable developments that are shaping the way market operated over the forecast period. It is also worth mentioning here that the global generic drugs market is fragmented and key names in the global generic drugs market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Teva Pharmaceutical Industries, Ltd., Dr. Reddy’s Laboratories, Sandoz International GmbH, Apotex, Inc., Par Pharmaceutical, Inc., Hospira, Inc., Watson Pharmaceuticals, Ltd. and others.
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Global Generic Drugs Market: Key trends and driver
The global generic drugs market is witnessing high growth over the forecast period. This growth can be attributed to a number of trends and drivers. Some key factors at play, helping the market chart such growth include the following:
Patent expiration is really adding up to the growth numbers between 2019 and 2027. About 23 drugs stand to lose patents in the period between 2019 and 2020. And, that means a loss of exclusivity doe expensive brands. This in turn will lead to copies coming up and flooding the market. This makes drugs more affordable for the general populace, increasing the patient pool, leading to a higher growth curve for the global generic drugs market.
- In countries such as India and those in Africa, where disposable income is much lower than in developed nations like the United States and Europe, generics hold promise as both people and doctors in these regions prefer generics over super expensive branded drugs. In fact, in countries like India, the government mandates prescription of generic drugs. This is not surprising since in developing nations insurance coverage is not as wholesome as in developed counterparts and thus healthcare expenses come out of patient pockets.
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