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DUBLIN--(BUSINESS WIRE)--Sep 9, 2022--
The "Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global generic drugs market reached a value of US$ 320 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 482.5 Billion by 2027, exhibiting at a CAGR of 7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A generic drug is a medicine that contains the same active ingredient and has an equivalent therapeutic effect as the branded drug. It is also identical in terms of safety, quality, dosage, strength, route of administration, intended use, effect, form, quality and side effects.
These medications can be produced only after the patent expiration of the brand-name drug. As compared to branded drugs, the production of generics costs much less as it does not require the repetition of clinical (human) and animal studies to demonstrate the effectiveness and safety of the medicine. Due to a reduction in the upfront cost of research, generics are typically sold at a substantially lower price in the market.
Market Trends:
Due to an aging population and increasing incidences of chronic diseases, governments of developed countries have been making efforts to reduce healthcare costs by promoting the production of generics. Whereas, in developing countries, affordability and accessibility are some of the primary issues faced by the healthcare industry.
To address these problems, governments and other regulatory bodies have been encouraging manufacturers to introduce effective generic drugs. However, despite the rapid patent expiry of branded drugs, there has been a shortage of generics. This situation is currently being rectified by various initiatives taken by hospitals, institutions and other organizations across the globe.
For instance, in 2018, a coalition of seven hospitals and three philanthropies in the US announced that they would be addressing drug shortages and the high cost of essential medications by launching a generic drug company, named Civica Rx. The company is producing 14 short-supply, FDA-approved drugs that have been available in the market since the beginning of 2019. Other than this, in 2018, the United States Food and Drug Administration (USFDA) created policies to make the process of market entry and generic approval more efficient. It issued guidance documents for the development of both hard-to-copy drug categories and specific complex drugs.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global generic drugs market, along with forecasts at the global and country level from 2022-2027. Our report has categorized the market based on therapy area, drug delivery and distribution channel.
Breakup by Therapy Area:
Breakup by Drug Delivery:
Breakup by Distribution Channel:
Regional Insights:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Generic Drugs Industry
6 Performance of Key Countries
7 Market Breakup by Therapy Area
8 Market Breakup by Drug Delivery
9 Market Breakup by Distribution Channel
10 Competitive Landscape
11 Generic Drugs Manufacturing Process
12 Project Details, Requirements and Costs Involved
13 Loans and Financial Assistance
14 Project Economics
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/gk5xi3
View source version on businesswire.com:https://www.businesswire.com/news/home/20220909005361/en/
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KEYWORD:
INDUSTRY KEYWORD: GENERAL HEALTH PHARMACEUTICAL HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/09/2022 10:28 AM/DISC: 09/09/2022 10:28 AM
http://www.businesswire.com/news/home/20220909005361/en