The government is finding ways to restore the fiscal balance by transferring more funds to patients and private health insurance. The continued rise in the expenditure on prescribed drugs and the healthcare expenditure accounting for a substantial percentage of a nation’s GDP is attributed to the generic drug manufacturers producing effective products at an advantageous price. Also, it enables them to hold an attractive position to fulfill the increasing essential need for these medicines. Also, as generic-friendly policies are expected to be enacted, the market share of patented drugs is expected to erode further in the next decade, thereby resulting in the growth of the generic drugs market worldwide. With a focus on affordability and accessibility, Mylan expanded its reach worldwide, particularly in emerging markets.

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While there is continued unrest in some regions, both economically and politically, the regional pharmaceutical market is becoming more attractive. In addition, although most of the market was held previously by the originator drugs, new guidelines favoring generic drugs are being implemented worldwide. Publicly funded health systems are under amplified pressure to reduce the ever-rising drug budgets.

• BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports.
• To get approval from the Food and Drug Administration (FDA), generic medicines should be demonstrated to be the same as brand-name medicines in dosage, effectiveness, strength, safety, quality, stability, and how they are taken.
• They offer a wide range of products including generic drugs, biosimilars, and active ingredients.
• Unlock industry potential through cutting-edge research, data-driven insights, and strategic guidance.
• Nonetheless, the FDA’s stringent approval and distribution process restrict the expansion of the generic drug industry.
• Due to this, the demand for affordable healthcare is growing in the Latin American region, driving the generic drugs market in Latin America as these drugs are an effective alternative to branded drugs.
• Tablets, capsules, and tablets aren’t the only ways to get medicine into your body; injectables are another option.
• They boast a diverse portfolio of over 1,400 molecules and maintain a strong presence in over 160 countries.
• India has proactively implemented measures to ensure the quality and safety of pharmaceutical products.

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Notably,in the Generics segment, STADA introduced Sugammadex, Fampridin, and Apixabanin 2023, providing healthcare practitioners and patients with additionaltherapeutic options. In summary, generic medicines are indispensable for sustaining healthcare systems, especially in Europe where costs are rising. Generic medicine suppliers play a vital role in reducing expenses, enhancing access to essential treatments, and bridging global healthcare gaps.

Global – Regional Generic Drug Sales, CAGR USDbn (2020-

This initiative establishes dedicated outlets known as Janaushadhi Kendras, which provide generic medicines at economical rates, thereby enhancing accessibility to essential healthcare treatments. In November 2023, US President Joe Biden announced a strategic pivot towards reducing dependence on foreign-made drugs and Active Pharmaceutical Ingredients (APIs), highlighted by a USD35mn investment in domestic API production. While such policies have the potential to increase domestic production of essential medicines, it will not be sufficient to cover an increasing list of generics shortages. The global market for generic drugs is expected to grow from $435.3 billion in 2023 and projected to reach $655.8 billion by the end of 2028, at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2028.

Global Generic Drugs Market Size

In2023, Teva obtained tentative approvals for generic counterparts of variousproducts including Tofacitinib Tablets, Fidaxomicin Tablets, EncorafenibCapsules, among others, while ensuring no duplication of applications. Discover the Top 17 Healthcare Diagnostics Companies revolutionizing healthcare with innovative diagnostic solutions. The concept of digital health is having a big impact on healthcare, especially when it comes to improving … InFebruary 2023, a wholly owned subsidiary of Sun Pharma secured final approvalfrom the US Food and Drug Administration (FDA) for its Abbreviated New DrugApplication (ANDA) concerning generic lenalidomide Capsules in multiplestrengths. Similarly, in May 2022, the company received final FDAapproval for its ANDA for generic Mesalamine Extended Release Capsules, 500 mg,based on Pentasa® Extended-Release Capsules, 500mg as the reference product. To enhance oversight of bulk-buy medications, the administration said it is committed to conducting regular and random checks on drugmakers that win bids and will promptly address any issues.

Amriya for Pharmaceutical Industries S.A.E

The issue of cheaper generics is grounded on measurable and enforceable assurance about quality through tests and other internationally mandated parameters. In addition, the absence of a standard drug regulatory body in certain countries leads to quality issues. Aurobindo is a global pharmaceutical company focused on the development and production of high-quality generic medicines. With over 24,000 employees and presence in 155 countries, we strive to make affordable and accessible medicines available to everyone. Qilu Pharma Spain is the European subsidiary of Qilu Pharmaceutical, one of the leading pharmaceutical companies in China. They specialize in research, development, manufacturing, and marketing of generic and biosimilar medications in various therapeutic areas.

The Rising Demand for Generic Drugs

Is a pharmaceutical company established in 2015 specializing in drug production and food supplementation. With a focus on quality and innovation, the company produces its own generic drugs and food supplements, as well as offers manufacturing services for other companies. DOC PHARMA exports its products to various European countries and has the potential for global expansion. Abbott, founded in 1888, is a global healthcare company renowned for its generic drug division offering a broad range of pharmaceuticals across therapeutic areas like cardiovascular, CNS, and women’s health. With a focus on quality, affordability, and innovation, Abbott continues to expand its portfolio through strategic acquisitions and R&D investments, ensuring the delivery of high-quality, accessible healthcare solutions worldwide.

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Over the years, these brands have established themselves as leaders in their respective categories. Across the five companies, the report identifies wider findings related to affordability, product registration, supply, local availability, and adaptive R&D. The analysis reveals areas where companies can focus their attention as they step up efforts to expand access to their essential medicines. Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. The Diagnostic Products segment contains a diverse range of diagnostic systems and tests that are produced, marketed, and sold around the world.

Novartis AG [Annual Revenue: USD 46.66 Billion]

• With over 10 years of experience, they are the first Ecuadorian company to produce retroviral drugs in the country.
• Unlike their brand-namecounterparts, generic drug manufacturers focus not on inventing new moleculesbut on replicating existing ones once patents expire.
• They have emerged as the key players in the pharmaceutical industry, contributing to the availability and affordability of generic drugs worldwide.
• Throughout 2023, India -based pharmaceutical companies have been the frontrunners of US ANDA approvals, which are generic approvals by the FDA that can be sold and distributed in the US.
• Apotex is a global pharmaceutical company that offers a wide range of generic and over-the-counter medications.
• Branded drug manufacturers spend money on research and development and ads for their new products, and they are granted a monopoly for a set period.
• Aurobindo is a global pharmaceutical company focused on the development and production of high-quality generic medicines.

A key factor contributing to the expansion of the worldwidegeneric drugs market is the expiration of patents protecting brandedmedications. When patents expire, generic drug manufacturers gain theopportunity abiraterone cost uk to produce and market their versions of these medications. Thisleads to increased competition in the market, driving down prices and expandingaccess to affordable healthcare options for consumers.

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Her mission to educate business owners in all aspects of market analysis flows through the expert industry coverage she provides. When not writing or editing files, you will find her sketching, exploring heritage and historic places, or cooking. In2023, the company inaugurated its upgraded penicillin production facility, apivotal category within the global antibiotics market, in collaboration withthe Austrian government. The investment in Kundl, Austria, not only enhancesthe company’s industrial footprint in Europe but also underscores itsdedication to environmental stewardship. It further underscores the company’saspiration to be recognized as the foremost global leader in biosimilars andgenerics, valued for its commitment and excellence. Among the five companies, a handful of initiatives to bolster local manufacturing capacity in LMICs or facilitate technology transfer to local partners could be identified.

• Viatris manufactures oral solid dosages, injectable, complicated dosage forms, and APIs at roughly 50 manufacturing sites across the world.
• However, while Europe and the United States have seen a significant increase in generic medicine usage, there has been little change in Asia and the Middle East/South Asia region.
• Teva Pharmaceuticals was the world’s second-largest generic medicine manufacturer and eighth-largest pharmaceutical firm in 2020.
• With the prevalence of T2D increasing globally, the demand for effective and affordable treatments is expected to rise, creating a sizeable market for generics.
• In Spain, for instance, the company unveiledAlmagato STADApharm in 2023, marking the debut of the first generic alternativeto the prominent Almax non-prescription heartburn and acid reflux brand.
• By stepping up and taking action, they can ensure people living in LMICs have reliable, affordable access to essential medicines.
• Cardiology, psychiatry, neurology, gastroenterology, ophthalmology, and psychiatry are some of the therapeutic areas where the company is a significant player.

The company offers a wide range of generic drugs for various ailments such as cardiovascular, central nervous system, and respiratory drugs. Lupin Limited has manufacturing facilities in India, the United States, and Japan, providing it with a robust manufacturing infrastructure. Moreover, the company emphasizes investing heavily in research and development, particularly in the development of complex generic drugs and biosimilars, resulting in a strong product pipeline that keeps it at the forefront of the market. The global pharmaceutical industry faces a significant challenge in ensuring access to essential medicines, particularly in emerging markets where affordability and availability are major concerns. The generics industry plays a critical role in addressing this issue, offering cost-effective alternatives to branded medications.

• What sets these eminent companies apart from their industry rivals are their unique qualities.
• Generic drugs present several key benefits, foremost among them being the significant reduction in healthcare expenses.
• The authorization of the first generic version of Advair Diskus in Jan 2019 for the treatment of asthma is an example of this, which creates future opportunities for the generic drug market.
• They specialize in the production of high-quality generic medications and contract manufacturing for other pharmaceutical companies.
• Founded in 1983, Sun Pharmaceutical Industries Ltd. (Sun Pharma) is one of the world’s largest specialty generic pharmaceutical companies with over 40 manufacturing facilities.
• This commentary is published by BMI, a Fitch Solutions company, and is not a comment on Fitch Ratings Credit Ratings.

With a global presence in markets such as Africa, Philippines, and Kazakhstan, Alkem Labs aims to provide innovative healthcare solutions through their technologically advanced research facilities. Neo Química is a pharmaceutical company that offers a wide range of generic medicines and healthcare products. Another prominent Indian pharmaceutical company, Dr. Reddy’s Laboratories is a leading player in the global generics market.

Generic medicines play a vital role in enhancing healthcare accessibility, particularly in low- and middle-income countries where financial constraints hinder access to essential treatments. Their cost-effectiveness serves as a practical solution, bridging the availability gap between developed and developing nations. Additionally, by enabling broader production and distribution, generic drugs help alleviate medicine scarcity in underserved regions, contributing significantly to global health equity and addressing healthcare disparities worldwide. The quality issues of generic drugs are another significant challenge to the global market growth. To get approval from the Food and Drug Administration (FDA), generic medicines should be demonstrated to be the same as brand-name medicines in dosage, effectiveness, strength, safety, quality, stability, and how they are taken.

Study says generic drugs are as effective as branded ones

The Indian pharmaceutical industry has swiftly ascended to global prominence, establishing itself as a primary hub for the manufacturing and export of generic medicines. As a generic medicine supplier, this achievement has earned it the distinguished title of the “pharmacy of the world.” The industry’s remarkable growth can be attributed to various pivotal factors and compelling statistics. Global Pharma is a leading generics partner in the region, specializing in the production of medicines and herbal remedies. With a manufacturing facility in Dubai Investment Park, the company has an extensive product range that covers various therapeutic areas. They work closely with healthcare professionals to understand their needs and offer support programs for better patient management.

Expanding Global Footprint

• The government is finding ways to restore the fiscal balance by transferring more funds to patients and private health insurance.
• After a three-year hiatus, the Sandoz brand reappeared in 2003, when Novartis merged its generic medicine businesses into a single unit and renamed it, Sandoz.
• They also possess strong relationships with healthcare providers, enabling them to collaborate on drug development and distribution.
• Generic medicines, which are bioequivalent to their branded counterparts, provide a cost-effective alternative without compromising efficacy.
• With a portfolio covering various therapeutic areas including anti-tumor, anti-infection, and cardiovascular, Hisun Pharmaceutical is dedicated to delivering world-class quality medications and making crucial contributions to human life and health.
• Non-communicable diseases (NCDs) such as cardiovascular disorders, chronic respiratory diseases such as COPD and asthma, malignancies, and diabetes are the most common.
• The company has a strong presence in various therapeutic segments and operates in numerous countries.

AspenPharmacare has made substantial investments not only to align with contemporaryregulatory standards but also to address evolving patient needs by offeringcost-effective alternatives to newer, pricier innovative drugs. Additionally, collaborative effortswith partners focus on novel and intricate products like the BOTOX®(onabotulinumtoxinA) biosimilar and Glatiramer Acetate Depot, a long-actinginjectable form of the approved glatiramer acetate. Contributing significantly to India’s economy, the pharmaceutical industry is ranked 3rd worldwide in production volume and 14th by value. Projections indicate a soaring industry value of USD 130 billion by 2030, underlining its economic significance.

As these populations age, there is a corresponding increase in the prevalence of chronic diseases, which in turn raises the demand for affordable long-term medication. Generic drugs, being less expensive than their branded counterparts, are thus in higher demand to manage healthcare costs for this growing segment of the population. Nonetheless, the FDA’s stringent approval and distribution process restrict the expansion of the generic drug industry. For instance, Sun Pharma recalled 747 bottles of generic diabetes medication in October 2020 because they could contain cancer-causing nitroso dimethylamine above the limit. Emerging markets like India and China are supposed to generate more opportunities for the generic drugs market. Viatris Inc. is a global healthcare firm founded in November 2020 by the merger of Mylan and Upjohn.

With a focus on innovation and customer satisfaction, Aurobindo Pharma offers a wide range of healthcare products globally. Alvogen is a global pharmaceutical company that develops, manufactures, and sells generic, brand, over-the-counter, and biosimilar products. In 2024, the global market for generic drugs is projected to increase by USD3bn, a growth rate of 6.7% from 2023, bringing total sales to an estimated USD51bn. This growth is anticipated to be particularly strong in the Asia-Pacific (APAC) region (10% in 2024 to USD246bn), led by Mainland China and supported by wider demographic shifts and economic growth. The APAC region is undergoing a significant transformation due to an ageing population, especially in Japan, China and South Korea.

Generics and biosimilars are crucial in providing affordable and effective treatments for various diseases. According to the World Health Organization (WHO), 90% of essential medicines are off-patent, allowing generic and biosimilar manufacturers to enter the market and develop these medicines at a lower cost, potentially introducing competition and increasing supply. This is particularly important in emerging markets, where access to affordable and effective medicines is limited, and communicable diseases remain significant public health concerns.

With over 5 decades of experience, we are actively involved in the development, manufacturing, and marketing of branded generic pharmaceutical products. Our mission is to spread smiles across communities by enhancing access to a better healthcare system through our innovative products and services. Orion is a pharmaceutical company that offers a wide range of generic prescription drugs, self-care products, and innovative medicines.

If you want to find more companies that offer a diverse range of generic pharmaceutical products you can doso with Inven. Teva Pharmaceutical Industries Ltd., also known as Teva Pharmaceuticals, is an Israeli pharmaceutical firm based in Petah Tikva. Its primary business is generic medications, but it also deals in active pharmaceutical ingredients and, to a lesser extent, patented pharmaceuticals. Teva Pharmaceuticals was the world’s second-largest generic medicine manufacturer and eighth-largest pharmaceutical firm in 2020. What sets these eminent companies apart from their industry rivals are their unique qualities. They have a deep understanding of regulatory frameworks and compliance requirements, allowing them to navigate complex approval processes smoothly.

IMARC Group is a leading market research company dedicated to providing data-driven insights and expert consulting services to support businesses in achieving their strategic objectives across diverse industries. Anushka Bhattacharya is an editor and content writer for a market research and business consultancy company, IMARC Services Pvt. Anushka holds a Master’s degree in Commerce and has been writing and editing long-form content for 4 years covering diverse business areas such as healthcare, digital marketing, sports equipment, home appliances, social media promotion, and clothing.