The APAC region is undergoing a significant transformation due to an ageing population, especially in Japan, China and South Korea. 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.
- Notably, Sandoz holds aleading global position in generic antibiotics, uniquely positioned with alarge-scale vertically integrated business headquartered in Europe.
- In March 1996, Ciba-Geigy and Sandoz merged, forming Novartis, a separate company with pharmaceutical and agrochemical operations.
- Abbott Laboratories is a worldwide medical device and healthcare corporation based in Abbott Park, Illinois, United States.
- 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 lacking access to expensive brand-name drugs.
- IMARC Group is a leading market research company dedicated to providing data-driven insights and expert consulting services to support businesses in achieving their strategic objectives across diverse industries.
- Depending on the market covered, Abbott-owned distribution centers and public warehouses sell these items directly to wholesalers, distributors, government agencies, health care facilities, pharmacies, and independent retailers.
About the Generic & Biosimilar Medicines Programme
DOC PHARMA exports its products to various European countries and has the potential for global expansion. Abbott, founded in 1888, is a global healthcare company renowned for its generic drug division offering a broad range of pharmaceuticals across therapeutic areas like cardiovascular, CNS, and women’s health. With a focus on quality, affordability, and innovation, Abbott continues to expand its portfolio through strategic acquisitions and R&D investments, ensuring the delivery of high-quality, accessible healthcare solutions worldwide. The Fresenius SE & Co. consists of the operating Companies Fresenius Kabi and Fresenius Helios and the Investment Companies Fresenius Medical Care and Fresenius Vamed. Fresenius Kabi produces generic drugs as a subsidiary of the company, leading a major growth area in healthcare.
- Her mission to educate business owners in all aspects of market analysis flows through the expert industry coverage she provides.
- InFebruary 2023, a wholly owned subsidiary of Sun Pharma secured final approvalfrom the US Food and Drug Administration (FDA) for its Abbreviated New DrugApplication (ANDA) concerning generic lenalidomide Capsules in multiplestrengths.
- The cardiovascular segment is estimated to showcase a healthy CAGR during the forecast period.
- As aleading global generic pharmaceutical enterprise, it facilitates access tomedical treatments through its extensive portfolio exceeding 1,000 productsspanning various therapeutic categories.
- In India, for example, the ‘Pradhan Mantri Bharatiya Janaushadhi Pariyojana’ scheme is pivotal in the nation’s efforts to increase the domestic availability of low-cost generics.
- Despite this foreign dominance, India has emerged as a significant global player in the generic medicine market, marking key milestones in its history.
- Sandozboasts a diverse global portfolio comprising approximately 1,500 high-qualitybiosimilar and generic medications.
The Importance of Generics in Emerging Markets
The National Health Mission (NHM) operates a free drug initiative aimed at supporting the provision of essential generic medications at no cost in public health facilities. In many emerging markets, our products are available under a brand name, such as Omez (Omeprazole), Nise (Nimesulide),Ketorol (Ketorolac Thromethamine), Stamlo (Amlodipine Besylate), Razo (Rabeprazole), among many others. Over the years, these brands have established themselves as leaders in their respective categories. Across the five companies, the report identifies wider findings related to affordability, product registration, supply, local availability, and adaptive R&D.
Which segment by application held the largest share in the generic drugs market?
Thirdly, they have developed strong distribution networks, enabling them to reach diverse markets and provide affordable drugs to a wide range of customers. The analysis of the top companies in the Generic Drugs sub-industry has revealed some interesting findings. The rankings show that the leading companies in this sector are experiencing significant growth and success. These companies have achieved remarkable accomplishments in terms of revenue, market share, and innovation. They have emerged as the key players in the pharmaceutical industry, contributing to the availability and affordability of generic drugs worldwide.
Key Companies in the Generic Drug Market
This initiative establishes dedicated outlets known as Janaushadhi Kendras, which provide generic medicines at economical rates, thereby enhancing accessibility to essential healthcare treatments. In November 2023, US President Joe Biden announced a strategic pivot towards reducing dependence on foreign-made drugs and Active Pharmaceutical Ingredients (APIs), highlighted by a USD35mn investment in domestic API production. While such policies have the potential to increase domestic production of essential medicines, it will not be sufficient to cover an increasing list of generics shortages. The global market for generic drugs is expected to grow from $435.3 billion in 2023 and projected to reach $655.8 billion by the end of 2028, at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2028.
Access to Medicine Foundation
With an extensive rangeof offerings, the company is focused on strengthening its presence in keydomestic markets such as India, alongside South Africa, North America, andother pivotal regulated and emerging markets. Operating across 47 manufacturingfacilities worldwide, Cipla produces over 50 dosage forms and more than 1,500generic products, catering to a broad spectrum of 85 markets. Furthermore, itholds a prominent position among the top ten generic players in the UnitedStates. While cost-effectiveness is critical, Indian pharmaceutical companies have not compromised quality. Stringent regulatory frameworks and adherence to international quality standards have elevated the credibility of Indian generic drugs.
SEGMENTAL ANALYSIS
If you want to find more companies that offer a diverse range of high-quality and cost-effective generic medications you can doso with Inven. India has proactively implemented measures to ensure the quality and safety of pharmaceutical products. The Indian Pharmacopoeia (IP) undergoes regular updates to align with global standards, reflecting the nation’s commitment to industry excellence. Stringent laws govern the import, manufacture, distribution, and sale of pharmaceutical goods, reinforcing India’s dedication to upholding high standards. India asserts its dominance by claiming a substantial 20% share in the global generic drug market, securing its position as the largest international provider. The nation emerges as the global leader, fulfilling over 50% of the global demand for generics.
Victoza & Saxenda Revenue, USDmn (FY2015-FY2024e)
Linz Pharmaceuticals is a company specializing in the production and distribution of generic pharmaceutical products. They offer a range of medications for various therapeutic groups, including anti-infectives and systemic treatments. With their online distribution system and distribution portal, they provide 24/7 access to their products.
Want to find more generic pharmaceuticals companies?
This commitment to quality ensures that patients worldwide can access affordable medicines without compromising safety or efficacy. The government must take appropriate steps to encourage global pharmaceutical firms to set up new generic facilities through joint ventures by offering tax breaks. Some amendments, such as the US Generic Drug User Fee Act, are expected to result in a much stronger focus on quality with a much shorter approval process for these generic medicines. 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.
Why are generics so critical to expanding access to medicine?
Additionally, anesthesiologists and hospital officials from various hospitals in Shanghai said the generic versions of the anesthetics they use produce the desired clinical outcomes. Interviews with them, along with a retrospective study at Ruijin Hospital, showed no significant sofosbuvir price in vietnam dosage changes before and after the bulk procurement program. This commentary is published by BMI, a Fitch Solutions company, and is not a comment on Fitch Ratings Credit Ratings. Any comments or data included in the report are solely derived from BMI and independent sources.
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- With a history dating back to 1931, Baxter has earned recognition for its commitment to quality, innovation, and affordability.
- India asserts its dominance by claiming a substantial 20% share in the global generic drug market, securing its position as the largest international provider.
- With locations in San Giorgio a Cremano and Pomezia, Italy, they provide quality medications and collaborate with industry partners.
- Itsdiverse product portfolio encompasses complex generics and medicationstargeting respiratory, anti-retroviral, urology, cardiology, anti-infective,CNS, and various other critical therapeutic segments.
- They offer a wide range of high-quality prescription and over-the-counter pharmaceutical products.
- Landsteiner is a pharmaceutical company with over 20 years of experience in the Mexican market.
- SOTHEMA is a 100% Moroccan pharmaceutical company specializing in the manufacturing and sale of medicines since 1976.
- Stringent laws govern the import, manufacture, distribution, and sale of pharmaceutical goods, reinforcing India’s dedication to upholding high standards.
Victoza is not approved for weight management, the aspect of GLP-1 that is recently of interest, nor will Victoza likely gain approval for such an indication based on its existing clinical trial results. With the prevalence of T2D increasing globally, the demand for effective and affordable treatments is expected to rise, creating a sizeable market for generics. When it comes to expanding access to medicine, the power of the generics industry is often underestimated. It’s more than the transactional relationship of selling drugs at volume and competing on price. The cardiovascular segment is estimated to showcase a healthy CAGR during the forecast period.
He excels at analysing complex market trends and producing comprehensive, actionable reports that help companies foster innovation and enhance end user experience. Also, his ability to tailor research solutions to the specific needs of healthcare clients, combined with his collaborative approach with industry stakeholders, has made him an invaluable resource in navigating the intricate healthcare market. Anil’s work empowers companies to seize emerging opportunities and achieve sustainable success. Sun Pharmaceutical Industries Limited is a Mumbai-based Indian multinational pharmaceutical firm that develops and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) primarily in India and the United States. Psychiatry, anti-infectives, neurology, cardiology, orthopedics, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dental, and nutrition are among the therapeutic categories covered by the goods. Its API products include Acamprosate Calcium, Alendronate Sodium, Amifostine trihydrate, Budesonide, and Carvedilol.
The increasing number of initiatives by the European governments favoring generic drugs is fuelling the European market growth. In addition, the growing aging population in the European region supports regional market growth. The presence of notable generic drug manufacturers in Europe, such as Teva Pharmaceutical Industries Ltd., Mylan NV, and Novartis International AG, favors the growth of the generic drugs market. The cost-effectiveness of generic medications has increased demand for the generic drugs market.
Consequently, generic medications are less expensive than marketed drugs, and almost 80% of prescription drugs are generic. Metformin, metoprolol, amphetamine salt combo, acyclovir, bupropion HCL tablet, cholestyramine, ibuprofen tablet, letrozole, and verapamil are some examples of generic drugs. The Sandoz Division of the corporation is a global leader in generic pharmaceuticals and biosimilars, pioneering unique techniques to help people access high-quality medications all around the world. Sandoz is the only generics firm in the top three in all major regions of the world, reaching over 500 million people annually and helping healthcare systems save money around the world. They have over 1,000 molecules covering a wide range of therapeutic areas and are a renowned pioneer in antimicrobials with over 150 product and technology combinations.
With subsidiaries and offices in over 80 countries across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, Novartis products reach about 800 million customers globally. Viatris is a global pharmaceutical company offering a wide range of therapeutic products and services. They focus on providing branded and generic medications, active pharmaceutical ingredients (APIs), and over-the-counter products. With a commitment to sustainability and corporate responsibility, Viatris aims to improve global healthcare and enhance patient outcomes.
SEGMENTAL ANALYSIS
- They offer a wide range of medications, including generic and branded drugs, as well as contract manufacturing services for other pharmaceutical companies.
- North America held the largest share of the global generic drugs market in 2023 and is predicted to maintain the same dominating position throughout the forecast period.
- The generic pharmaceuticals industry is centered around creating and distributing cost-effective alternatives to brand-name prescription medicines.
- Pfizer Inc. refers to an American multinational pharmaceutical and biotechnology corporation that is considered as one of the major market players in the generic drugs market.
- Orion is a pharmaceutical company that offers a wide range of generic prescription drugs, self-care products, and innovative medicines.
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. Biodeal is a manufacturer of generic drugs, specializing in the production of tablets, capsules, creams, ointments, syrups, suspensions, veterinary products, and disinfectants.
Bringing expensive medicines within reach
Avet Pharmaceuticals Inc. is a pharmaceutical company that specializes in the production and distribution of various medications, including tablets, capsules, and injectables. They offer a wide range of products such as Mycophenolate Mofetil, Propofol Injectable Emulsion, and Octreotide Acetate. Avet Pharma aims to provide high-quality medications to patients, ensuring their safety and well-being. They specialize in pharmaceutical trading, contract development and manufacturing, and pharmacovigilance. With locations in San Giorgio a Cremano and Pomezia, Italy, they provide quality medications and collaborate with industry partners.
The journey of Indian pharmaceutical companies exemplifies a synergistic blend of economic viability and social responsibility, positioning them as true leaders in the pursuit of global health equity. Baxter International Inc. is a leading healthcare company renowned for its diverse portfolio of generic drugs, encompassing injectables, oral solid formulations, and essential pharmaceuticals across various therapeutic areas. With a history dating back to 1931, Baxter has earned recognition for its commitment to quality, innovation, and affordability. Leveraging strategic partnerships and investments in R&D, the company continues to expand its offerings and enhance its manufacturing capabilities to meet the evolving needs of healthcare providers and patients worldwide. Beximco Pharmaceuticals Ltd. is a company that specializes in the manufacturing and marketing of generic pharmaceutical products.
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 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.
Additionally, collaborative effortswith partners focus on novel and intricate products like the BOTOX®(onabotulinumtoxinA) biosimilar and Glatiramer Acetate Depot, a long-actinginjectable form of the approved glatiramer acetate. 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.
Non-communicable diseases (NCDs) such as cardiovascular disorders, chronic respiratory diseases such as COPD and asthma, malignancies, and diabetes are the most common. Rapid unplanned urbanization, globalization of unhealthy lifestyles, and an aging population drive these diseases. Chronic diseases necessitate long-term therapy and marketed medications are prohibitively costly.
For these ten assessed products per company – 50 overall – the analysis found that companies had strategies in place to expand access to 41 of them. However, these strategies are very limited in scope and especially do not address affordability considerations for the poorest patients, including those who are uninsured and must pay out-of-pocket for medicine. A global leader in the generics space, Teva boasts a massive portfolio of over 1,600 molecules across various therapeutic areas.
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