(PharmaNewsWire.Com, May 22, 2017 ) Global Generic Drugs market research report, published by Market Data Forecast estimates that the market is growing with a CAGR of 10.53% to reach USD 652.6 billion by 2021, from USD 395.20 billion in 2016.
Generic drugs are also known as abbreviated drugs. To sell a generic drug manufacturing company must submit an Abbreviated New Drug Application for approval. A Generic Drugs Market Share is a medication that has exactly the same active ingredient as the brand-name drug and yields the same therapeutic effect. It is the same in dosing, safety, strength, quality, the way it works, the way it is taken, and the way it should be used. Generic drugs do not need to contain the same inactive ingredients as the brand name product. They offer the advantage of being much less expensive than the brand name drug while at the same time being just as strong, safe, and effective as the other drug.
However, a generic drug can only be marketed after the brand-name drug's patent has expired, which may take up to 20 years after the patent holder’s drug is first filed with the U.S. Food and Drug Administration (FDA). The report presents a detailed analysis of multitude of factors affecting the Generic Drugs market bearing either positive or negative outcomes. Some of those factors are • Upcoming patent expiry for many branded drugs • Outsourcing strategy by vendors • Rising prevalence of diseases • Growing healthcare costs • Increasing awareness on healthy lifestyles • Blind trust for brand name drugs • High cost for R&D
For granular level understanding the Diagnostic Imaging Market is segmented based on product type and therapeutic area each being provided with Market Size Estimations and Y-o-Y Forecasts. Based on product type the market is segmented as Biosimilar, Simple Generics, and Super Generics. Based on therapeutic area it is segmented into Cardiovascular products, anti-infective products, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and others. Super generics are sold at higher price than their pure generic counterpart. Super generics account for 18% of total spending on generic drugs. But biosimilar drugs are comparatively cost effective even among generic drugs.
Global Generic drugs market is further segmented in to regions such as North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. North America dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific is expected to grow significantly because of developing countries like India, China and Japan establishing pathways for approvals of generic drugs and their untapped market potential.
Key players in this market are Ranbaxy Laboratories Ltd., Actavis, Mylan Inc., Industries Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical Inc., Sandoz International GmbH, Hospira Inc., Apotex Inc., Watson Pharmaceuticals Ltd., Teva Pharmaceuticals, and others.
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