$216.94 Billion Global Generic Pharmaceuticals Market Size, Growth, Segmentation And Forecast Report
The Business Research Company’s Generic
Pharmaceuticals Market covers market characteristics, size and
growth, segmentation, regional and country breakdowns, competitive landscape,
market shares, trends and strategies for this market.
The generic pharmaceuticals
market consists of sales of generic pharmaceuticals and related services. A
generic medicine is a medication designed to be identical as branded drugs
marketed by private companies in dosage form, strength, safety, route of
administration, performance characteristics, quality, and intended use. Generic
drugs work in the same way as branded drugs in terms of clinical benefits.
Generic drugs are manufactured after the expiration of the exclusive rights or
patent of the branded drugs. For example, some of the generic drugs in the
generic pharmaceuticals market include metformin, metoprolol, acarbose,
acebutolol, aztreonam and many more.
Major players in the market are Teva Pharmaceuticals, Mylan NV, Sandoz
International GmbH, Hospira (Pfizer Inc.) and Sun Pharmaceutical.
The rising incidence of chronic
diseases is one of the major drivers of the generic pharmaceuticals market. As
more individuals are diagnosed with chronic diseases, they look for more
medicines for the treatment. Branded drugs come at a premium price, while
generic drugs are available at a lower cost having the same chemical composition
of branded drugs. The low cost and same chemical composition and strength of
generic drugs make a patient buy generic drugs instead of branded drugs. If it
is a chronic disease, the treatment goes for a longer period of time and hence,
the sales of generic drugs also increase. For instance, according to the WHO
(World Health Organization) report 2014, over the next 10 years, the deaths due
to chronic disease is projected to increase by 17%. Also, it is expected that
by 2020, almost 3-quarters of all deaths in the world will be due to chronic
diseases.
The lack of awareness about
generic drugs is one of the restraints on the generic pharmaceuticals market.
The high marketing and advertisement of branded drugs overshadow the
availability of generic drugs which are substitute for expensive branded drugs.
Thus, consumers opt branded drugs despite the fact that the generic drugs carry
the same chemical formulation as their counter branded drugs. According to an
article published on CVS HEALTH website in 2017, many doctors and pharmacists
preferred to offer branded drugs to their patients over generic drugs. This
prevents the patients to go for generic drugs as they develop a preconceived
notion of generic drugs not being at par with branded drugs.
View complete Report: https://www.thebusinessresearchcompany.com/report/generic-pharmaceuticals-global-market-report
3D printing technology has the
ability to transform the manufacturing of drugs in the generic pharmaceuticals
market. 3D printed pharmaceuticals helps in improve R&D productivity and
deliver new benefits to patients. 3D printing allows the manufacturer to
produce drugs with customized size, shape, and texture which is not possible in
traditional manufacturing of generic drugs. 3D printing can help the
manufacturer to make generic drugs that have different release dates,
appearances and taste.
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