Studies Show 73% Of Doctors Are Against The Prescription Of Generic Drugs. What Does This Mean For The Generic Drugs Market?

Studies Show 73% Of Doctors Are Against The Prescription Of Generic Drugs. What Does This Mean For The Generic Drugs Market?

The global Generic Drugs Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. for all different product segments as a global, regional, and country level assessments. According to the report the global Generic Drugs Market was estimated to be USD 395.2 Billion in 2016 and is predicted to rise to USD 652.6 Billion by 2021 with a CAGR of 10.53%. The market is segmented by type (Biosimilar, Simple Generic, Super Generic) and Therapeutic Area (Cardiovascular, Anti-infective, anti-arthritis, CNS, anti-cancer, and respiratory). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

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Market Trends:

Today, an estimated 44 percent of all prescriptions in the US are of generic drugs. The growth in the market is during this time is due to large number of patents that have expired recently or about to expire. When the patents are about to expire the innovator companies can ask the FDA for approval for their generic versions. Improvements in technology makes the generic version cheaper than the original drug whilst maintaining the safety and effectiveness of the brand-name drugs which is also strictly monitored by the FDA. The major market inhibitors are the lack of awareness due to the innovator companies not being able to market the product properly and people’s blind trust and/or loyalty towards brand-name drugs.

Major Segments

Simple generics are the largest product segment and are sold at a cheaper rate than Super generic drugs. Super generic drugs account for eighteen percent of the total spending on generic drugs. However, the fastest growing segment is the Biosimilar segment which also has the most future potential. Even among generic drugs biosimilar drugs are considered really cheap. Also, biosimilar drugs have a higher operating profit margin than traditional generic drugs. This combined with the cheap production and distribution costs makes it the most attractive option.

Geographical Factors:

North America currently dominates the global Generic drugs market followed closely by Europe and Asia Pacific region. Asia Pacific shows a lot of potential for future growth as developing countries like India, Japan, and China are working on establishing pathways for their generic drug approval to realize their untapped market potential.

Market Leaders:

The top players in the generic drugs market are Ranbaxy Laboratories Ltd., Mylan Inc., Actavis, Mylan, Inc., Dr. Reddy’s Laboratories, Sandoz International Gmbh, Par Pharmaceutical, Inc., Hospira, Inc., Watson Pharmaceuticals Ltd., Apotex, Inc., Teva Pharmaceutical and others.

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