For instance, in May 2022, Sandoz will expand its respiratory portfolio by launching the first generic pirfenidone in the United States for patients with idiopathic pulmonary fibrosis. Sandoz was the world’s leading generics manufacturer in 2020, with 9.5 Billion US dollars in revenue. Tablets, capsules, and tablets aren’t the only ways to get medicine into your body; injectables are another option. They’re considered the most effective because the drug’s bioavailability is higher through this route than the others. The market in the Middle East and Africa is expected to hold a moderate share of the worldwide market during the forecast period. The rising number of improvements in the healthcare infrastructure and healthcare system of MEA countries is favoring the generic drugs market in MEA.
Generic Drugs Market
Also, the FDA’s Office of Generic Drugs (OGD) gained huge success after implementing the Generic Drug User Fee Amendments Reauthorization (GDUFA II) in the first year. The main purpose of the FDA was to promote international trade and harmonization of generic medicine development, thereby creating opportunities to gain high-quality drugs to be approved globally. Moreover, the FDA has taken a crucial step toward easing the entry of generic medicines into the market by introducing generic competition to the level of branded medicines known as complex drugs. 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. 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.
Does this report include the impact of COVID-19 on the generic drugs market?
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- While Indian pharmaceutical companies have made remarkable strides, they face challenges such as patent issues, regulatory complexities, and the need for continuous innovation.
- They offer a wide range of generic drugs with the same active ingredient, concentration, pharmaceutical form, and therapeutic indication as the innovator drug.
- The role of Indian pharmaceutical companies in improving healthcare access worldwide through high-quality generic drugs is commendable and pivotal.
- Generic drugs are medicinal products that can be manufactured and marketed by entities other than the innovator company once the original patents have expired.
Generic medicine suppliers play a vital role in reducing expenses, enhancing access to essential treatments, and bridging global healthcare gaps. Educating stakeholders on their benefits is crucial, and the generics industry holds a central position in improving access globally. Grupo NC is a Brazilian pharmaceutical company that specializes in the production and distribution of generic medications. In 2024, we expect key pharmaceutical companies to see patent expiries for their drugs, which will cause reduced revenue and an increase in generic manufacturing of these drugs and more competition. Notable drugs that are open to generic competition in 2024 include Novo Nordisk’s Victoza (liraglutide), an anti-diabetic medication used to treat type 2 diabetes (T2D) and chronic obesity.
Top 23 Specialty and Generic Pharmaceuticals Providers
Gabapentin is already available in other generic forms, but the specific release characteristics and dosing regimen of Gralise are protected by patents. Once these patents expire and if any market exclusivity periods have lapsed, other companies can produce generic versions of this particular formulation, potentially leading to price reductions and increased accessibility for patients. The launch of generic Gralise, especially in Q124, as anticipated, could offer patients more options for their treatment plans. We expect a positive impact for both patients and healthcare providers, as the lower cost could facilitate treatment adherence and reduce the financial burden on individuals and insurance systems. China will retain the largest proportion of generic drug sales through to 2030, at around 70% of the APAC region. Growth within the generic drug sub-sector will be mainly supported by increased volume consumption, driven by rising medicine demand and cost-containment measures, such as centralised drug procurement programmes encouraged by regulatory authorities.
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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.
Strategies for Expanding Access
Ritedose is a leader in aseptic production of sterile, single-dose medication for the contract development manufacturing, generics, and 503B outsourcing markets. With over 27 years of experience, Ritedose has delivered more than 10 billion doses since 2012 without any interruptions, demonstrating a commitment to precision and reliability. Generic medicine manufacturers can develop business models prioritizing long-term sustainability, and balancing commercial viability with approaches that increase access to medicines. Discover the top 20 fine chemicals companies offering tailored solutions for pharmaceuticals, crop protection, and specialty polymers.
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They started with the production of solid dosage forms and later expanded to other types of dosages. Their goal is to provide reliable and affordable pharmaceutical facilities to all types of customers. This is the first research report from the Generic & Biosimilar Medicines Programme, with analysis carried out using the Analytical Framework published in February 2023.
Aurobindo Pharma
With locations in San Giorgio a Cremano and Pomezia, Italy, they provide quality medications and collaborate with industry partners. The company values privacy and adheres to policies to ensure the security of their customers’ personal data. They specialize in the production of high-quality generic medications and contract manufacturing for other pharmaceutical companies. Recent trends in the generic drugs industry include increased consolidation among companies, with larger players acquiring smaller ones to expand their product portfolios. Additionally, breakthroughs in manufacturing processes and regulatory reforms have improved the efficiency and quality of generic drug production.
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Generic drugs are medicinal products that can be manufactured and marketed by entities other than the innovator company once the original patents have expired. These drugs are bioequivalent to their brand-name counterparts, offering the same therapeutic benefits but at a fraction of the cost. Valmorca offers a wide range of pharmaceutical products and aims to provide high-quality medications to the community.
#11 Bristol-Myers Squibb Company
According to market research, the global generic drugs market is projected to reach a value of $380 billion by 2025, reflecting its upward trajectory and economic magnitude. Eli Lilly and Company, founded in 1876, is a global pharmaceutical leader headquartered in Indianapolis, USA. Specializing in a wide range of therapeutic areas, including oncology, diabetes, and neuroscience, Lilly is renowned for pioneering breakthroughs such as the first commercially available insulin and innovative drugs like Cialis and Prozac. Recent developments include advancements in oncology with drugs like Verzenio, as well as ongoing research into Alzheimer’s treatments.
- Tablets, capsules, and tablets aren’t the only ways to get medicine into your body; injectables are another option.
- India excels in generic medicine production, commanding 20% of global supply and leading vaccine manufacturing.
- With a capacity of 120 million boxes, Genpharma aims to increase its strategic position as a leader in the Moroccan generic market.
- They operate in more than 85 countries and have a strong presence in highly regulated markets like the EU and US.
- Intas is a leading multinational pharmaceutical formulation development, manufacturing, and marketing company.
Hetero Drugs Ltd
- Teva Pharmaceutical Industries Ltd., also known as Teva Pharmaceuticals, is an Israeli pharmaceutical firm based in Petah Tikva.
- TevaPharmaceutical Industries Limited is a renowned global pharmaceuticalcorporation dedicated to facilitating worldwide patient access tocost-effective medications and leveraging innovations to enhance healthoutcomes.
- The administration said claims suggesting the generic drug is less effective are based on personal experiences.
- Inthe European market, Aurobindo Pharma Limited maintains a robust presenceacross 10 countries, boasting fully operational pharmacies, hospitalfacilities, and a comprehensive infrastructure for tender sales.
- In 2024, we expect key pharmaceutical companies to see patent expiries for their drugs, which will cause reduced revenue and an increase in generic manufacturing of these drugs and more competition.
Sun Pharma, based in India, is among the largest and most influential generic drug manufacturers globally. The company has a strong presence in various therapeutic segments and operates in numerous countries. Abbott Laboratories is a worldwide medical device and healthcare corporation based in Abbott Park, Illinois, United States. Abbott’s main business is the research, development, manufacturing, and distribution of a wide range of healthcare products. Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices are the four reportable segments for Abbott.
Indian generic medicines have achieved global recognition, with pharmaceutical companies producing high-quality alternatives that are widely accepted in international markets. The success of Indian generics is attributed to competitive pricing, allowing these medicines to gain significant market share, especially in countries with cost-conscious healthcare systems or large populations velcade price in mexico lacking access to expensive brand-name drugs. 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.
Access to Medicine Foundation
These drugs undergo stringent testing to ensure they are bioequivalent to their branded counterparts, offering the same safety and efficacy. Once a brand-name drug’s patent expires, other manufacturers can produce generic versions, increasing accessibility to affordable medications for consumers. Thecorporation offers over 1,600 commercial products spanning a wide spectrum ofillnesses and therapeutic areas. These include anti-retrovirals and treatmentsfor tuberculosis, acute and chronic generic drugs, branded medications,specialized sterile products (such as those for thrombosis, oncology, andanesthesia), emergency medications, and vaccines. FreseniusKabi offers an extensive range of intravenously administered generic drugsspanning various therapeutic categories including oncology, anesthetics &analgesics, anti-infectives, and critical-care medications. Furthermore,Viatris plays a crucial role in the manufacturing of complex pharmaceuticals.These are medications characterized by complex active ingredients,formulations, delivery routes, or drug-device combinations.
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They have a deep understanding of regulatory frameworks and compliance requirements, allowing them to navigate complex approval processes smoothly. They also possess strong relationships with healthcare providers, enabling them to collaborate on drug development and distribution. Moreover, they have a strong focus on customer-centricity, prioritizing patient needs and delivering value through their generic drug offerings. A generic drug is a medication containing the same active ingredient as a brand-name drug, but typically sold under its chemical name at a lower cost.
Asia-Pacific To Remain Largest Growth Region For Generic Drugs In 2024
- In addition, the growing aging population in the European region supports regional market growth.
- They specialize in modified-release oral solid dosage forms and alternative drug delivery platforms such as nasal sprays and patches.
- With only a fraction of prescriptions being for branded generics, the market is dominated by unbranded generic drugs, offering a cost-effective solution for patients.
- The nation emerges as the global leader, fulfilling over 50% of the global demand for generics.
- Developed Markets, Greater China, JANZ, and Emerging Markets are just a few of the markets and geographies covered by Viatris.
- They focus on providing branded and generic medications, active pharmaceutical ingredients (APIs), and over-the-counter products.
- Despite this potential, generic and biosimilar medicines remain out of reach for many in LMICs, particularly vulnerable populations and those living in low-income countries.
Companies in this industry prioritize efficiency to create affordable and readily accessible alternatives to innovator drugs without compromising quality. These corporations are an integral part of global healthcare systems, catering to different therapeutic areas to help patients overcome various health conditions. With rising healthcare costs and an aging population, the demand for generic pharmaceuticals is set to increase further, making the industry integral for global health in the foreseeable future. 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. In addition to providing high-quality, affordable medicines, the company also offers a wide range of therapeutic categories, including basic and complex medicines, branded as well as generics, committed to patient-centricity and offering value-added services.
Oxialfarm is a pharmaceutical company based in Ecuador that specializes in the production of retroviral medications. With over 10 years of experience, they are the first Ecuadorian company to produce retroviral drugs in the country. Their commitment to quality is evident in their efforts to provide top-notch products and services, excellent customer care, and responsible practices that mitigate environmental impact. Oxialfarm aims to contribute to the social and economic stability of its workforce and achieve significant growth in the local market. By producing bioequivalentversions of brand-name medications, generic drug companies dramatically reducecosts while maintaining the same therapeutic efficacy. This democratization ofmedicine ensures that essential treatments—from antibiotics to cardiovasculardrugs—are not reserved solely for the privileged few but are accessible to allwho need them.
Access to Medicine Foundation
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. If you want to find more companies that specialize in producing affordable generic medications you can do so with Inven.
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.
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. Prioritizing long-term sustainability in business models ensures the widespread availability of essential treatments. Generics stand as pillars of global health, addressing challenges and fostering innovation for a more inclusive and sustainable healthcare future worldwide.
With a strong commitment to research and development, Beximco Pharmaceuticals aims to improve the health and well-being of people globally. The global healthcare landscape has witnessed a paradigm shift, with Indian pharmaceutical companies emerging as critical players in improving healthcare access worldwide. In Africa, the African Medicines Agency (AMA) aims to enhance the continent’s pharmaceutical regulatory environment to ensure that the generic drugs supplied meet international quality standards.
This strategic diversification strengthens India’s position in the global pharmaceutical market. Generic medications, being generally more economical than their branded counterparts, provide enhanced accessibility to a diverse patient demographic, notably benefiting those in low- and middle-income countries. These generic drugs present a financially prudent option, offering a cost-effective alternative for essential treatments, thereby expanding access to a wider population. This economic viability becomes particularly vital in regions where financial limitations frequently impede the availability of critical, life-saving medications. India excels in generic medicine production, commanding 20% of global supply and leading vaccine manufacturing.
The high cost of branded medicines has been a significant barrier to healthcare access, especially in developing nations. Indian pharmaceutical companies have been instrumental in breaking down this barrier by producing generic drugs at a fraction of the cost of their branded equivalents. This cost-effectiveness is a boon for developing countries and healthcare systems in developed nations striving to contain rising healthcare expenditures. Anticipating significant growth by 2030, the Indian generic medicine industry is driven by factors such as increased demand for affordable medicines, a growing geriatric population, and a skilled workforce.
Sandozboasts a diverse global portfolio comprising approximately 1,500 high-qualitybiosimilar and generic medications. Annually, it delivers over 800 milliontreatments to patients, resulting in over USD 18 billion in direct savingsacross the US and Europe. This not only enhances healthcare accessibility butalso facilitates resource allocation, leading to an estimated annual socialimpact of around USD 400 billion worldwide. In the labyrinth of thepharmaceutical industry, where towering patents and complex research dominate,generic drug companies emerge as beacons of hope and equity. Unlike their brand-namecounterparts, generic drug manufacturers focus not on inventing new moleculesbut on replicating existing ones once patents expire.
