$216.94 Billion Generic Pharmaceutical Market Size, Share, Manufacturers & 2022 Forecasts In Exclusive Report By TBRC
Generic drugs are manufactured after the expiration of the exclusive rights or patent of the branded drugs.
LONDON, Nov. 26, 2019 /PRNewswire/ -- A generic medicine is a medication designed to be identical to 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. The global generic pharmaceuticals market was valued at about $216.94 billion in 2018 and is expected to grow to around $309 billion at an annual growth rate of more than 9% through 2022. View Complete Report @ https://www.thebusinessresearchcompany.com/report/generic-pharmaceuticals-global-market-report
The increasing incidence of chronic diseases is a major driver 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, while 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 a WHO (World Health Organization) report published in 2014, over the next 10 years, the number of 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.
Lack Of Awareness About Generic Drugs
The lack of awareness about generic drugs is a restraint on the generic pharmaceuticals market. The high marketing and advertisement of branded drugs overshadow the availability of generic drugs which are a substitute for expensive branded drugs. Thus, consumers opt for 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's 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. For example, a research was conducted by Sahana K Hebbar in 2017 on International Journal of Basic & Clinical Pharmacology; out of 100 patients and 50 non-medical staff, 95% of the patients and 60% of the non-medical staff didn't know about generic drugs. Thus, lack of awareness about the availability of generic drugs hamper the global generic pharmaceuticals market. Request A Sample Copy Of The Generic Pharmaceuticals Market @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2350&type=smp
3D Printed Drugs In The $216.94 Billion Generic Pharmaceuticals Market
3D printing technology has the ability to transform the manufacturing of drugs in the generic pharmaceuticals market. 3D printed pharmaceuticals help in improving 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. For example, in 2017, GlaxoSmithKline (GSK) completed a study where ultraviolet (UV) and 3D printing technology were used to manufacture tablets to treat Parkinson's disease. Martin Wallace, director of GSK Technology, said that GSK is investing in 3D printing advantages to manufacture pills and tablets. Also, in 2015, Aprecia pharmaceutical company launched 'ZipDose' technology, which manufactures 3D printed drugs.
GlaxoSmithKline's Acquisition Of Novartis
Major players in the global generic pharmaceuticals market are Teva Pharmaceuticals, Mylan NV, Sandoz International GmbH, Hospira (Pfizer Inc.) and Sun Pharmaceutical. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. In March 2018, GlaxoSmithKline plc (GSK), a British multinational pharmaceutical company, acquired Novartis for $13 billion. GSK bought a 100% ownership of Novartis' consumer healthcare business. With this acquisition, GSK plans to broaden its portfolio and boost adjusted earnings and cash flows. Also, with the money received from this acquisition, Novartis plans to have new technologies and products to fit into their core therapeutic area. Novartis is a pharmaceutical company that has a diverse portfolio of innovative and cost-saving generic medicines.
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