Spotlight on the Future of Generics Drugs
Generic drugs are the medications that are developed to be similar to a medicine that is already commercially available in the market with a brand name. The generic drug is similar to the medicine available in terms of dosage, safety and strength, mode of administration, quality and intended use.
Due to the similarities, generic drugs are capable of treating various diseases. Generic drugs are most cost effective than the branded ones, hence they are being preferred on a large scale during the recent years.
Biopharmaceuticals, such as monoclonal antibodies, differ biologically from small molecule drugs. Biosimilars have active pharmaceutical ingredients that are almost identical to the original product and are typically regulated under an extended set of rules, but they are not the same as generic drugs as the active ingredients are not the same as those of their reference products.
In 2014, according to an analysis by the Generic Pharmaceutical Association, generic drugs accounted for 88% of the 4.3 billion prescriptions filled in the United States.
"Branded generics" on the other hand are defined by the FDA and NHS as "products that are (a) either novel dosage forms of off-patent products produced by a manufacturer that is not the originator of the molecule, or (b) a molecule copy of an off-patent product with a trade name."
Since the company making branded generics can spend little on research and development, it is able to spend on marketing alone, thus earning higher profits and driving costs down. For example, the largest revenues of Ranbaxy, now owned by Sun Pharma, came from branded generics.
Generic drug companies may also receive the benefit of the previous marketing efforts of the brand-name company, including advertising, presentations by drug representatives, and distribution of free samples. Many drugs introduced by generic manufacturers have already been on the market for a decade or more and may already be well known to patients and providers, although often under their branded name.
India is a leading country in the world's generic drugs market, exporting US$20.0 billion worth of drugs in the 2019–20 (April–March) year. India exports generic drugs to the United States and the European Union
MARKET DYNAMICS
The generic drugs market is anticipated to grow in the forecast period since they are available at a cost effective price and also offer similar results as their branded counterparts. In addition, the benefits of generic drugs over the macroscopic medicines is expected to offer significant growth opportunities in the market during the forecast period.
MARKET SCOPE
The "Global Generic Drugs Market Analysis to 2027" is a specialized and in-depth study of the pharmaceutical industry with a special focus on the global market trend analysis. The report aims to provide an overview of generic drugs market with detailed market segmentation by product type, application, distribution channel and geography. The global generic drugs market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading generic drugs market players and offers key trends and opportunities in the market.