Pharmacology is the branch of biology, which deals with the study of drugs, their properties, and their sources. Generic drugs are bioequivalent to branded drugs in quality, dosage form, strength, intended use and route of administration. After the expiry of the patent, same branded drug can be copied and manufactured by any other manufacturer at an affordable cost. The most important advantage of generic drugs is they are less expensive as compared to branded drugs because they are not required to repeat costly clinical trials and pay for marketing, advertising and for promotion. As per FDA rules and regulation for substitution of branded drugs, generic drugs should have the same active ingredient, same administration route, same dosage strength, and form. Nowadays, plenty of anti-diabetic, anti-hypersensitive and antibiotic drugs are available in generic formulations.
According to the report, the global generic drug market accounted for around USD 200.20 billion in 2015 and is expected to reach approximately USD 380.60 billion by 2021, growing at a CAGR of around 10.8 % between 2016 and 2021.
The market for the generic drug has been accelerated by increasing number of patent expiration of branded drugs and government initiatives. Moreover, increasing the prevalence of chronic diseases and emerging markets are responsible for the growth of generic drugs market. Furthermore, decreased the cost of the drug is acting as a most important factor for the growth of generic drug market. However, high competition and the shortage of drugs can restrict the growth of generic drug market. In addition, prescription of doctors is largely affecting the growth of generic drug market because doctors are prescribing branded drugs to their patient. However, an untapped and emerging market like India and China are expected to generate more opportunities for generic drug market in the forecast period.
Based on the brand classification, generic drug market is segmented as pure generic and branded generic. Branded generic drugs are bioequivalent to the generic drugs, but the difference is they are marketed under another company brand names. Pure generic drugs segment is dominating the market with high market share.
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Based on therapeutic application, the market is segmented as central nervous system (CNS), cardiovascular, dermatology, oncology, respiratory and others. CNS and Cardiovascular segments are the two largest market segment covered by generic drug market. The cardiovascular segment covers more than 20% of global generic drug market due to a number of patent expiry of cardiovascular drugs. Central Nervous System (CNS) is also an emerging segment with more than 15 % revenue contribution for the year 2015.
Based on the geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America is dominating the generic drug market due to high demand and increasing the prevalence of chronic diseases. Asia-Pacific is expected to show noticeable growth during the forecast period. In Asia Pacific, India and China are leading countries in the generic drug market.
Key operating players for the generic drugs market are Teva Pharmaceutical Industries Ltd., Novartis International AG, Mylan N.V., Abbott Healthcare Pvt. Ltd., Actavis Pharmaceuticals and Sun Pharmaceuticals.
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