Global Generic Drugs Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Generic Drugs Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A generic drug is a pharmaceutical drug that contains the same chemical substance as a drug that was originally protected by chemical patents. Generic drugs are allowed for sale after the patents on the original drugs expire. Because the active chemical substance is the same, the medical profile of generics is believed to be equivalent in performance. A generic drug has the same active pharmaceutical ingredient (API) as the original, but it may differ in some characteristics such as the manufacturing process, formulation, excipients, color, taste, and packaging.

Market Overview:

The latest research study on the global Generic Drugs market finds that the global Generic Drugs market reached a value of USD 324120.33 million in 2022. It’s expected that the market will achieve USD 392687.1 million by 2028, exhibiting a CAGR of 3.25% during the forecast period.

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, affected by the supply of raw materials and labor shortages.

For the Generic Drugs industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas. With the gradual control of the epidemic, some factories began to resume operation. However, while operating production, enterprises need to protect the life and health of employees, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after the production, and testing the body temperature of employees every day to ensure the health of employees. These measures will increase the production cost of enterprises and affect the development of enterprises.
But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Generic drugs cost less than brand-name drugs

The cost of generic drugs is often lower than that of branded drugs, because they do not have to repeat the animal and clinical (human) studies required by branded drugs to prove their safety and effectiveness. In addition, multiple applications for generic drugs are often approved for the sale of a single product; This creates competition in the market, which usually leads to lower prices. The lower cost of early research means that although generic drugs and brand-name drugs have the same therapeutic effect, their sales cost is usually much lower. When several generic drug companies sell a single approved product, the market competition usually leads to the price being 85% lower than the brand.

Competition in the industry is fierce

For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Having an understanding of industry rivals is vital to successfully market a product. Positioning pertains to how the public perceives a product and distinguishes it from competitors. A business must be aware of its competitors marketing strategy and pricing and also be reactive to any changes made. The Generic Drugs industry is facing a fierce competitive position. Many companies have been doing business in this industry. They pay more attention to R&D, product innovation, channel construction and customer relationship management, trying to gain greater market share and competitive advantage.

Approved generic drugs are generally only sold after patents and exclusivities protecting the brand-name version end

Patent and exclusive rights are forms of protection for pharmaceutical manufacturers, which may affect the way and time when generic drugs are approved and sold. New brand-name drugs are usually protected by patents (issued by the US Patent and Trademark Office), which prohibits others from selling generic medicines of the same medicines. The exclusive marketing period of brand-name drugs will also affect the approval of generic drugs.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (37.17% in 2021).

Company Overview:

Viatris is one of the major players operating in the Generic Drugs market, holding a share of 4.82% in 2022.

Viatris (Mylan+Pfizer)

Mylan N.V. was a global generic and specialty pharmaceuticals company. In November 2020, Mylan merged with Upjohn, Pfizer's off-patent medicine division, to form Viatris. Mylan was founded in 1961 and developed and produced medicines for a wide range of medical disciplines, including oncology, anaphylaxis, antiretrovirals, cardiovascular, respiratory, dermatology, immunology, anesthesia and pain management, infectious disease, gastroenterology, diabetology/endocrinology, and women's healthcare.

Teva Pharmaceuticals

Teva Pharmaceutical Industries Ltd., also known as Teva Pharmaceuticals, is an Israeli multinational pharmaceutical company with headquarters in Petah Tikva, Israel. It specializes primarily in generic drugs, but other business interests include active pharmaceutical ingredients and, to a lesser extent, proprietary pharmaceuticals.

Segmentation Overview:

As for product types, the Simple Generic Drugs segment held the largest market share in 2021.

Simple Generic Drugs

Simple generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use.

Super Generic Drugs

A super generic drug is an improved version of an original drug which has lost product patent protection.

Biosimilars

A biosimilar is a biological product that is very similar to a reference biologic and for which there are no clinically meaningful differences in terms of safety, purity, and potency. Because biosimilars are made from living organisms, though, and don't contain identical ingredients to their name-brand counterparts, they still require some testing.

Application Overview:

The market's largest segment by application is the segment Oncology, with a market share of 20.41% in 2021.

Key Companies in the global Generic Drugs market covered in Chapter 3:

Zydus
Sandoz
Endo International
Egis Pharmaceuticals PLC
Teva Pharmaceuticals
Viatris (Mylan+Pfizer)
Wockhardt
Aurobindo Pharma
Cipla
Fresenius Kabi
Sun Pharmaceuticals
Dr. Reddy's Laboratories
Lupin
STADA Arzneimittel AG
Strides Shasun
Aspen

In Chapter 4 and Chapter 14.2, on the basis of types, the Generic Drugs market from 2018 to 2029 is primarily split into:

Simple Generic Drugs
Super Generic Drugs
Biosimilars

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Generic Drugs market from 2018 to 2029 covers:

CNS
Cardiovascular
Genitourinary/Hormonal Drugs
Respiratory
Rheumatology
Diabetes
Oncology
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)