(PharmaNewsWire.Com, July 17, 2019 ) According to the latest report by IMARC Group, titled “Specialty Generics Market Research Report and Forecast 2019-2024”, the global specialty generics market size reached US$ 44.8 Billion in 2018. Specialty generics refer to off-patented drugs which are used to target chronic or complex health conditions. These drugs require special handling, monitoring or administration and generally need prior authorization to order them. Nowadays, specialty generics are gaining immense popularity as they are utilized to treat rare chronic diseases such as cancer, HIV AIDS, rheumatoid arthritis and hemophilia.
The increasing demand for specialty drugs has encouraged the governments of various countries to regulate and provide supporting policies for the production of specialty generics. Besides this, unlike newly patented specialty drugs, specialty generics are less expensive to develop and manufacture as they do not have to undergo any clinical trials and approval before entering the market. As a result, these products involve low risk and high margins as compared to newly patented drugs which usually take three to four years for product development and approval. Moreover, manufacturers are involved in research and development (R&D) to create new and innovative specialty drug formulations that are more efficient and cost-effective as compared to their branded counterparts. Additionally, several companies are engaging in mergers and acquisitions (M&A) to expand their specialty generics capacities. For instance, Alvogen, a pharmaceutical company, acquired County Line Pharmaceuticals that is involved in the development of specialty generics. Looking forward, the market value is projected to reach US$ 88.9 Billion by 2024, exhibiting a CAGR of 11.9% during 2019-2024.
Based on the route of the administration, the market has been segregated into injectables, drugs and others. Amongst these, injectables currently dominate the market across the globe.
On the basis of the indication, oncology holds the majority of the global market share. Some of the other segments are autoimmune and infectious diseases.
The market has been categorized based on the distribution channel into retail pharmacies, specialty pharmacies and hospital pharmacies. At present, specialty generics are majorly distributed through specialty pharmacies.
Region-wise, North America enjoys the leading position in the global specialty generics market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Teva Pharmaceuticals Industries, Akorn, Inc., Mylan N.V., Mallinckrodt, Sandoz International GmbH, Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals, Apotex Corp., Endo International plc.
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