Europe Pharmaceutical Drugs Market
Pharmaceutical drugs are used for the treatment of chronic and acute diseases. There are two types of pharmaceutical drugs: generic and branded, which are sold through prescription and over the counter (OTC). A pharmaceutical drug that shares the same chemical component as a drug that was originally covered by chemical patents is known as a generic drug.Generic drugs are allowed for sale after the patents on the original drugs expire.Generics perform similarly in terms of the medical profile due to the identical active chemical substance. Generic drugs are similar to branded drugs and are less expensive as compared to branded drugs.
Increasing prevalence of diseases such as cardiovascular disorders, cancer, and metabolic disorders, as well as product launches, patent expiration of branded drugs, and other diseases, and the presence of favorable reimbursement policies are expected to increase demand for the pharmaceutical drug market in Europe during the forecast period. A brand drug is the innovator drug and gets patent and exclusivity protection. Pharmaceutical drugs are composed of chemical compounds which are used for the prevention and treatment of diseases and are administered intravenously, orally, intramuscularly, or by other routes of administration. Pharmaceutical drugs are of two types; generic and branded. Pharmaceutical drugs are subjected to numerous regulations with respect to patenting, clinical trials, drug safety, efficacy, and marketing in Europe region.
Market Dynamics
The patent expiry of branded products is paving the way for the entry of generic drugs into the market. Moreover, adoption of inorganic and organic strategies such as mergers and acquisitions, and product developments by key players to expand their product portfolio is expected to drive the growth of the Europe pharmaceutical drugs market. For instance, on January 2020, Novartis AG- a U.S based biopharmaceutical company, received the European Commission’s approval for MAyznet for the treatment of secondary progressive multiple sclerosis (SPMS) in adult patients.
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