The global generic drugs market is estimated to grow at a CAGR of nearly 6.5% during the forecast period. Increasing approvals of generic medications is a crucial factor in accelerating market growth. In 2019, the US FDA approved a total of over 1,000 generic drug final and tentative approvals. In 2019, the US FDA approvals comprised 107 applications for first generics of drugs that had no generic competition, which includes medicines for the treatment of depression, breast cancer, pulmonary arterial hypertension, seizures, and several infections and 110 complex generic drugs that are harder to develop and usually have lacked competition.
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Further, in 2019, the Chinese authorities declared the launch of an initiative to encourage the development of generic medicines. In June 2019, China’s National Health Commission revealed its first list of 34 drugs with no generic drug counterpart, near to patent expiration, and are off-patent. Under the drug regulator’s priority review pathway, drug manufacturers are being pushed to develop generic medicines. The list covers Teva’s Copaxone, a multiple sclerosis drug, and Roche’s Valcyte, a Cytomegalovirus (CMV) retinitis treatment. Big pharmaceutical firms are being competed with manufacturers of generic drugs in China. These kinds of initiatives are accelerating the launches of generic drugs at much lower prices, which is supporting to drive market growth.
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Scope of the Global Generic Drugs Market
Market Coverage
- Segment Covered- By Application and Route of Administration
- Regions Covered- North America, Europe, Asia-Pacific, and Rest of the World
- Competitive Landscape- Mylan N.V., Teva Pharmaceutical Industries Ltd., Lupin Ltd., Novartis International AG, and Sun Pharmaceutical Industries Ltd.
Recent Strategic Initiatives in the Global Generic Drugs Market
- In October 2020, Teva Pharmaceuticals USA, Inc. declared the availability of the first US FDA-approved generic versions of TRUVADA i and ATRIPLA i tablets. These products, along with over 10 HIV-related drugs are already on the WHO’s Essential Medicines List. By launching these new generic options for HIV treatment, Teva will further increase access to vital therapies and strengthen its position in the generic marketplace.
- In September 2020, Sun Pharmaceutical Industries Ltd. declared the launch of ILUMYA (tildrakizumab) Subcutaneous Injection 100 mg Syringe in Japan to treat adult patients suffering from plaque psoriasis who have an insufficient response to traditional therapies. ILUMYA is a humanized lgG1/k monoclonal antibody that is intended to selectively attach to the p19 subunit of IL23 and stops its interaction with the IL-23 receptor. This leads to an inhibition of the release of chemokines and proinflammatory cytokines.
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Generic Drugs Market-Segmentation
By Application
- Cancer
- CVD
- Musculoskeletal Diseases
- Infectious Diseases
- Neurology
- Diabetes
- Others
By Route of Administration
- Oral
- Topical
- Injectable
- Inhaler
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