The research of medicines and drugs with a deep understanding of its effects uses, characteristics is termed as pharmacology. Generic drugs are indistinguishable chemically to their recognized counterpart. Generic drugs are sold at the noteworthy discount despite being bioequivalent to branded drugs. The FDA has set some severe guidelines for the generic drug manufacturers. This include, the drugs should be compulsory bioequivalent and adhere the requirement such as purity, identity, strength, and purity. It mandates to be equal in terms of dosage and administration. The similar regulation should be followed by the generic drug manufacturers that are followed by branded drugs maker. The drugs are made available at affordable cost owing to no repetitive clinical trials that are costly and promotion and marketing strategies.
Based on the report, the global generic drug market was attributed to USD 200.20 Billion in 2015 and is probable to touch the mark of approximately USD 380.60 Billion by 2021, increasing at a CAGR of approximately 10.8 % between 2016 and 2021.
The global generic drug market is fuelled by favorable government programs to manufacture generic drugs and important to encourage the utilization of generic drugs against the chronic disease. The factor responsible for the growth and revenue of the generic drugs market is the patent expiration of branded drugs. Affordable generic drugs and new markets emerging in developing nations have fuelled the growth of the global generic drugs market. High competition in the global market and requirement of economic expenditure for drugs manufacturing has somewhere impacted the growth the generic drug market. The global generic drug market might have potential opportunities on the landmark of unexplored and emerging markets.
The global generic drug market can be broadly segmented based on the healing application as respiratory, cardiovascular, central nervous system dermatology, and oncology. Among this, cardiovascular segment dominates the global market with revenue contribution of 20%. In addition, around 15% of contribution is attributed to CNS and this segment is anticipated to show an appreciable growth in the coming period.
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The global market players have been playing smart with their strategies to acquire dominance. Mergers, acquisition, and joint efforts to develop a novel product have drastically uplifted the market growth. Some of the key players responsible for the growth of the global generic drugs market include Novartis International AG, Actavis Pharmaceuticals, Teva Pharmaceutical Industries Ltd, Sun Pharmaceuticals, Abbott Healthcare Pvt. Ltd, and Mylan N.V.