Global Branded Generics Market, by Drug Class (Alkylating Agents, Antimetabolites, Hormones, Anti-Hypertensive, Lipid Lowering Drugs, Anti-Depressants, Anti-Psychotics, Anti-Epileptics, Others) By Formulation (Oral, Parenteral, Topical and Others), By Indication (Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics and Anti-inflammatory, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 327.4 Million in 2023 and is expected to exhibit a CAGR of 7.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing affordability and guidelines of products to boost growth of the branded generics market over the forecast period. The company with New Drug Application (NDA) must notify the US FDA in order to market an authorized generic. The company with a NDA is allowed to market both the authorized generic and the brand drug simultaneously.
Global Branded Generics Market– Impact of Coronavirus (COVID-19) Pandemic
Given that there is a strong likelihood that COVID-19 would have detrimental effects on people's health, the impact of COVID-19 has created an opportunity for a significant number of patients. The most sought-after medications and APIs as a result of COVID-19 are those used to treat malaria, followed by bronchodilators, antibiotics, and antivirals. Sedatives, analgesics, anaesthetics, and muscle relaxants are experiencing a second wave of deficiency and are utilized to treat patients who are on ventilators. The ongoing shortage has increased demand for generic drugs, which has sped up FDA approval and led to the elimination of the import warnings that were previously in place.
The spread of COVID-19 made it difficult for governments to use these drugs; the availability of these systems faced constant challenges due to their used parts as well as limited initial needs. The majority of active pharmaceutical ingredients (APIs) worldwide were sourced from India, which also provided approximately 30 percent of the generic active pharmaceutical ingredients (APIs) used in the United States. Indian manufacturers, however, relied heavily on China's APIs to manufacture their pharmaceuticals and obtained about 70 percent from China, the world's largest manufacturer and exporter of APIs by volume.
Concerns about disruptions in drug transport and production are mounting as the coronavirus spreads to more nations. Pharmaceutical industry participants like Zydus Cadila and Gilead Sciences, Inc. have expanded their market through partnerships, agreements, and initiatives. For instance, in August 2020, Indian pharmaceutical company Lupin announced that they will sell Generic COVID-19 Drug Favipiravir. Lupine's version of the drug, called Covihalt, will be priced at 65 cents per 200 mg tablet.
Moreover, as infections were surging in the third worst-hit nation in the world, Mylan, N.V. announced in July 2020 that they would introduce a generic version of Gilead Sciences Inc.'s COVID-19 medication, Remdesivir, in India this month at a price of US$ 64.31 per 100 mg vial.
Global Branded Generics Market: Key Developments
For instance, in July 2020, Takeda Pharmaceutical Company Limited, a Japanese multinational pharmaceutical company, entered into a joint venture with Teva Pharmaceutical Industries Ltd., an Israeli multinational pharmaceutical company to focus on the commercialization of complex generics, specialty assets, and other pipeline opportunities. Additionally, In India, branded generics accounted for about 63% of all drug sales by value in 2015 compared to only 11% in the U.S.
Browse 34 market data tables and 22 figures spread through 176 Pages and in-depth TOC on “Global Branded Generics Market”- Forecast to 2030, Global Branded Generics Market, by Drug Class (Alkylating Agents, Antimetabolites, Hormones, Anti-Hypertensive, Lipid Lowering Drugs, Anti-Depressants, Anti-Psychotics, Anti-Epileptics, Others), by Formulation (Oral, Parenteral, Topical, Others), by Indication (Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics and Anti-inflammatory, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/branded-generics-market-3391
Key Takeaways of the Global Branded Generics Market:
- The global branded generics market is expected to exhibit a CAGR of 3% during the forecast period. The rising prevalence of chronic diseases, increasing penetration of branded generic drugs is driving the growth of market. The prevalence of chronic diseases and multimorbidity increased over the period 2001–2011. Aging of the population only explained part of the increase, implying that other factors such as health care and society-related developments are responsible for a substantial part of this rise. As a result, the global branded generics market is also rising as a result.
- Among drug class, the anti-hypertensive drug class is the dominating segment. Because of their bioequivalence and lower prices, generic drugs have been introduced in several countries to reduce health care costs and improve adherence to antihypertensive therapy. For instance, according to an article in The European Journal of Health Economics the insurance policy in Norway and the Clinical Guidelines Committee of the American College of Physicians recommend that doctors should prescribe generic medications, if possible, instead of the more expensive brand-name medications.
- Among region, Asia Pacific is the leading region in the market. The rising elderly population and the burden of chronic as well as acute diseases in the region is driving the demand for branded generics.
Major players operating in the global branded generics market include Mylan N.V, Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Aspen Pharmacare Holding Ltd., Abbott Laboratories, and Valeant Pharmaceuticals International, Inc.
