Market Trends of Generic Drugs Industry
Oral Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
Oral generics are the simplest, most convenient, and safest means of drug administration. They are convenient for repeated and prolonged use and can be self-administered and pain-free; hence, they are the most used and manufactured form of drugs.
The growing launches and collaborations are expected to boost the segment's growth. In January 2022, the Medicines Patent Pool (MPP) announced that it had signed agreements with 27 generic manufacturing companies for the manufacturing of the oral COVID-19 antiviral medication molnupiravir and its supply in 105 low- and middle-income countries. In February 2022, Oakrum Pharma, LLC, in collaboration with ANI Pharmaceuticals, announced that the USFDA had approved the ANDA for a generic version of Cystadane1 (betaine anhydrous for oral solution) Powder in a 180-gram bottle and granted competitive generic therapy (CGT) 180 days of exclusivity. Such launches increase the sales and manufacture of oral generic products, boosting the segment's growth.
In addition, in October 2021, Merck & Co. signed a licensing agreement with the United Nations-backed Medicines Patent Pool (MPP) that will allow more companies to manufacture generic versions of its experimental oral antiviral COVID-19 treatment. Such collaborations are likely to boost the segment's growth over the coming years.
Thus, owing to the factors mentioned above, the segment is expected to expand its growth over the forecasted period.
Asia-Pacific is Expected to Registered Healthy CAGR in the Market and Expected to do Same in the Forecast Period
Asia-Pacific is anticipated to witness the fastest-growing trend in the global generic market owing to increased awareness among people related to medical disorders and the growing aging population in the region. Countries like India and China in the Asia-Pacific region contribute more than the other nations. According to a study published by the International Institute for Population Sciences (IIPS), in January 2021, approximately 75 million Indians over the age of 60 had some form of chronic disease. About 45 million people have cardiovascular disease and hypertension, and about 20 million suffer from diabetes. Thus, the high prevalence of chronic diseases in the country will boost the demand for cost-effective therapeutics, thereby driving the studied market.
According to the Indian Pharmaceutical Industry Report published in November 2021 by IBEF, India is the world's top supplier of generic pharmaceuticals. The Indian pharmaceutical industry supplies 40% of the generic demand in the United States and 25% of all pharmaceuticals in the United Kingdom.
Strategic and non-strategic initiatives such as partnerships, mergers, and acquisitions by key market players are further expected to contribute to market growth. For instance, in January 2022, Lupin signed a partnership agreement with Shenzhen Foncoo Pharmaceutical Co. to bring high-quality generic and complex generic medicines to patients in India. Further, in October 2021, Dr. Reddy's Laboratories launched an anti-cancer drug in the Chinese market through its joint venture, Kunshan Rotam Reddy Pharmaceutical Co. Ltd. (KRRP). The drug is a therapeutic equivalent generic version of Zytiga, which is owned by Johnson & Johnson.
Therefore, owing to the aforementioned factors, the Asia-Pacific region is expected to show growth at a faster pace over the forecast period.
