This cost-effectiveness is a boon for developing countries and healthcare systems in developed nations striving to contain rising healthcare expenditures. Anticipating significant growth by 2030, the Indian generic medicine industry is driven by factors such as increased demand for affordable medicines, a growing geriatric population, and a skilled workforce. The global generic drugs market is forecasted to generate $404.3 billion in revenue in 2022, with an estimated compound annual growth rate of 7.20% until 2030, reaching $705.1 billion. In the dynamic landscape of healthcare, the demand for accessible and cost-effective medications is more pronounced than ever before.
Companies are engaging in adaptive R&D, tailoring products to the needs of people in LMICs
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. In2023, the company inaugurated its upgraded penicillin production facility, apivotal category within the global antibiotics market, in collaboration withthe Austrian government. The investment in Kundl, Austria, not only enhancesthe company’s industrial footprint in Europe but also underscores itsdedication to environmental stewardship.
- 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.
- Weak regulatory systems in many sub-Saharan African countries, lack of financing, and insufficient healthcare infrastructure impede access to quality generic medicines.
- This industry is crucial in providing affordable healthcare options to patients around the world.Within this industry, there are various companies that specialize in producing and distributing generic medications.
- In addition, although most of the market was held previously by the originator drugs, new guidelines favoring generic drugs are being implemented worldwide.
- They offer a wide range of pharmaceutical products and aim to improve the health and well-being of people around the world.
Spotlight on the generics industry: New analysis looks at access efforts of 5 major companies
The generic pharmaceuticals industry is a sector that focuses on the development, manufacture, and sale of generic drugs. Generic drugs are medications that have the same active ingredients as brand-name drugs, but are typically sold lenalidomide cost australia at a lower price. This industry is crucial in providing affordable healthcare options to patients around the world.Within this industry, there are various companies that specialize in producing and distributing generic medications.
Keypoints
With a focus on quality medicines and ethical business practices, Teva strives to deliver innovative healthcare solutions and increase access to essential medications. Indian generic medicines have achieved global recognition, with pharmaceutical companies producing high-quality alternatives that are widely accepted in international markets. 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, by enabling broader production and distribution, generic drugs help alleviate medicine scarcity in underserved regions, contributing significantly to global health equity and addressing healthcare disparities worldwide.
Top 10 Companies in Generic Drug Market in 2024
Moreover, the FDA has taken a crucial step toward easing the entry of generic medicines into the market by introducing generic competition to the level of branded medicines known as complex drugs. The authorization of the first generic version of Advair Diskus in Jan 2019 for the treatment of asthma is an example of this, which creates future opportunities for the generic drug market. Valmorca offers a wide range of pharmaceutical products and aims to provide high-quality medications to the community. Is a pharmaceutical company established in 2015 specializing in drug production and food supplementation. With a focus on quality and innovation, the company produces its own generic drugs and food supplements, as well as offers manufacturing services for other companies.
Teva Pharmaceuticals
It caters to over 12 crore vulnerable families, representing the bottom 40% of the Indian population, totaling around 55 crore beneficiaries. 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. We are your trusted research partner, providing actionable insights and custom consulting across life sciences, advanced materials, and technology. Unlock industry potential through cutting-edge research, data-driven insights, and strategic guidance.
Logistics Corridors In Africa: Development, Investment And Challenges
- The APAC market held the second-largest worldwide market share in 2023, falling right behind North America.
- Dedicated to affordability and improving well-being, Qilu has a robust pipeline of over 200 generic, 30 biosimilar, and 80 innovative products.
- Our Generic Formulations business addresses this urgent need by offering more than 200 high-quality generic versions of expensive innovator medicines—at a fraction of the cost—in over 20 countries around the world.
- In addition, the absence of a standard drug regulatory body in certain countries leads to quality issues.
- With a robust network of 43 manufacturingfacilities, the company delivers high-quality, cost-effective medicationstrusted by healthcare professionals and patients across more than 100 countriesworldwide.
- Their crucial role lies in providing quality treatment at reduced costs, vital for the efficiency of healthcare systems.
The company operates in more than 175 countries worldwide and some of the key markets include the United States, Canada, the United Kingdom, Germany, Japan, China, Brazil, and Australia. Teva Pharmaceuticals Industries Ltd. is a well-known brand in the pharmaceutical industry and is recognized for its quality generic drugs that are affordable, making them accessible to a larger patient population, especially in developing countries. As a manufacturer of generic drugs, Teva has an extensive product portfolio covering a variety of therapeutic areas, such as central nervous system disorders, respiratory diseases, cardiovascular diseases, and oncology. The company has entered into strategic partnerships with other pharmaceutical companies to develop generic drugs and expand its patient base. A world leader in generic drug manufacturing with operations in North America, Europe, Asia, and Latin America, Teva has a strong distribution network with a presence in over 60 countries.
Key Companies in the Generic Drug Market
- The export of generic medicines enables countries to share their pharmaceutical resources and expertise with others.
- In addition, global population growth and aging benefit the healthcare sector and the manufacturers of generic drugs.
- It’s more than the transactional relationship of selling drugs at volume and competing on price.
- Generics and biosimilars are crucial in providing affordable and effective treatments for various diseases.
Secondly, they have built robust manufacturing capabilities, ensuring high-quality and cost-effective production. Thirdly, they have developed strong distribution networks, enabling them to reach diverse markets and provide affordable drugs to a wide range of customers. SunPharmaceutical Industries Limited is a publicly listed corporation incorporatedand headquartered in India, with its registered office located in Vadodara,Gujarat, India. The company is primarily involved in the manufacturing,development, and marketing of a broad spectrum of branded and genericformulations, as well as Active Pharmaceutical Ingredients (APIs). Sun Pharmaranks as the fourth largest specialty generic pharmaceutical company globally,boasting revenues of USD 5.4 billion.
Access to Medicine Foundation
With a focus on research and development, they provide innovative and affordable healthcare solutions to improve the well-being of individuals globally. 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.
Access to Medicine Foundation is funded by
Amneal Pharmaceuticals is a pharmaceutical company that specializes in the development and production of essential medicines. They have a broad portfolio of approximately 270 generic and specialty pharmaceuticals, and they are committed to improving the lives of patients and care for the communities they serve. It focuses on the research, development, manufacturing, and marketing of active pharmaceutical ingredients (APIs) and finished formulations. Dedicated to affordability and improving well-being, Qilu has a robust pipeline of over 200 generic, 30 biosimilar, and 80 innovative products. The generics industry plays a vital role in expanding access to medicines in emerging markets.
Top 20 Fine Chemicals Companies: Leaders in Tailored Chemical Solutions
As aleading global generic pharmaceutical enterprise, it facilitates access tomedical treatments through its extensive portfolio exceeding 1,000 productsspanning various therapeutic categories. Furthermore,Viatris plays a crucial role in the manufacturing of complex pharmaceuticals.These are medications characterized by complex active ingredients,formulations, delivery routes, or drug-device combinations. Sandozboasts a diverse global portfolio comprising approximately 1,500 high-qualitybiosimilar and generic medications. Annually, it delivers over 800 milliontreatments to patients, resulting in over USD 18 billion in direct savingsacross the US and Europe. This not only enhances healthcare accessibility butalso facilitates resource allocation, leading to an estimated annual socialimpact of around USD 400 billion worldwide.
Top 16 Affordable Generic Medications Companies
The company operates across various regions, including Sub-Saharan Africa, South East Asia, Latin America, Eastern Europe, Western Europe, and the Commonwealth of Independent States. Novartis AG is a Swiss multinational pharmaceutical corporation based in Basel, Switzerland that focuses on the discovery, development, manufacture and marketing of prescription and generic pharmaceutical products and eye care products. The company develops and manufactures medications to treat cancer, cardiovascular diseases, dermatological conditions, neurological disorders, ophthalmic and respiratory diseases, hematologic diseases, solid tumors, immune disorders, and infections.
Expanding Access to Medicines: The Role of Generics in Emerging Markets
Additionally,launches encompassed tacrolimus for immune system suppression post-organtransplantation and sugammadex for reversing the effects of muscle relaxants,reflecting STADA’s unwavering commitment to innovation and patient well-being. Inthe European market, Aurobindo Pharma Limited maintains a robust presenceacross 10 countries, boasting fully operational pharmacies, hospitalfacilities, and a comprehensive infrastructure for tender sales. It ranks amongthe top ten generic companies in eight countries, including four of the topfive EU nations. Continuouslyexpanding its generic IV drug portfolio, Fresenius Kabi also introduced ZincSulfate, with one of its stock-keeping units earning a Competitive GenericTherapy (CGT) designation.
Given their portfolios and footprints, these five companies – Cipla, Hikma, Sun Pharma, Teva and Viatris – can have a huge impact on access in LMICs. They can now work to significantly enhance their efforts by acting on the opportunities and the tailored recommendations set out in their respective company profiles. The report highlights untapped potential for companies to register more essential products in low- and middle-income countries (LMICs). Promisingly, in 90 out of 108 countries in scope, at least one company has registered a product, which indicates that the companies’ existing regulatory reach in LMICs is collectively broad. In March 1996, Ciba-Geigy and Sandoz merged, forming Novartis, a separate company with pharmaceutical and agrochemical operations.
By addressing the challenges and seizing the opportunities, generic medicine manufacturers can ensure that high-quality, safe, and effective medications are available to those who need them most. As Jayasree K. Iyer, CEO of the Access to Medicine Foundation, emphasized, “It is vitally important that all healthcare sectors address inequality and improve access, which we have articulated in our new Strategic Direction”. The Indian pharmaceutical industry has invested significantly in research and development (R&D) activities, creating innovative generic drugs.
India excels in generic medicine production, commanding 20% of global supply and leading vaccine manufacturing. With over 3,000 pharmaceutical companies and 10,500 manufacturing facilities, India boasts a robust industry. Producing 60,000 generic brands across 60 categories, India meets substantial global demand and provides affordable HIV treatment. Generic medicines play a crucial role in bridging healthcare gaps on a global scale by providing affordable and accessible healthcare solutions. This blog post will discuss the importance of generic medicines in addressing healthcare disparities and their potential to improve health outcomes worldwide.
- In 2020, the company operated commercial activities with a global organization that included two businesses—Biopharma and Upjohn, which were each directed by a single manager until November 16, 2020.
- Geolab is committed to providing affordable and high-quality medications to improve people’s health and well-being.
- Abbott-owned distribution centers or third-party distributors advertise and sell these items directly to customers, institutions, wholesalers, retailers, health care facilities, government organizations, and third-party distributors.
- The increasing number of initiatives by the European governments favoring generic drugs is fuelling the European market growth.
- According to the FDA, India is the second-largest provider of finished dose pharmaceuticals to the US, and accounts for nearly 20% of the global exports of generics.
Amriya for Pharmaceutical Industries S.A.E
Alvogen is a global pharmaceutical company that develops, manufactures, and sells generic, brand, over-the-counter, and biosimilar products. The cost-effectiveness of generic medications has increased demand for the generic drugs market. Generic drugs increase competition in the industry, leading to a drop in prices and more people being prescribed generic drugs by healthcare providers. Generic drugs are 85 % less expensive than conventional drugs, so in the United States, 9 out of 10 prescriptions are filled with generic drugs, saving almost $2.2 trillion over the past decade. The company is dedicated to providing affordable and high-quality medicines while promoting sustainability.
The ongoing expansion of drugs available to China’s public health insurance fund will also promote growth in generics domestically. We anticipate growth for generics in all global regions in 2024, with growth outside of China being led by the US, India, Italy and Germany in absolute value terms. The global demand for generics will continue to rise, as the global burden of disease also increases.
On the other hand, the branded generic drugs market had decent occupancy in the global market in 2023 and is predicted to showcase a CAGR of 8.8% during the forecast period. The growing demand for quality drugs with a trusted brand name is majorly boosting segmental growth. Branded generic drugs have gained recognition as being of better quality than pure ones, and notable pharmaceutical companies market these. In addition, the growing patient count suffering from chronic diseases such as cardiovascular diseases, cancer, diabetes, and others is expected to propel the segment’s growth rate as these drugs are used in the treatment procedures of chronic diseases. The generic pharmaceuticals industry is centered around creating and distributing cost-effective alternatives to brand-name prescription medicines.
Additionally, breakthroughs in manufacturing processes and regulatory reforms have improved the efficiency and quality of generic drug production. However, challenges such as patent litigations and strict regulations continue to shape the industry. Teva Pharmaceutical Industries Ltd. is a global leader in the generic drug market, with a history dating back to 1901.
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. Linz Pharmaceuticals is committed to quality concerns and follows the guidelines outlined in their IMS Policy. The generic drugs industry has a profound influence on various sectors, including healthcare, insurance, and consumer spending.
- Fresenius Kabi produces generic drugs as a subsidiary of the company, leading a major growth area in healthcare.
- Anushka holds a Master’s degree in Commerce and has been writing and editing long-form content for 4 years covering diverse business areas such as healthcare, digital marketing, sports equipment, home appliances, social media promotion, and clothing.
- In 2023, notable additions included the anticoagulant apixaban, thediabetes medication sitagliptin, and the analgesic tapentadol.
- The government’s involvement is essential in facilitating the export of generic medicines through policies and laws that promote competition and ensure affordability.
- Ciplais a global pharmaceutical enterprise deeply committed to enhancingaccessibility and affordability of medications for individuals in need.
The analysis reveals areas where companies can focus their attention as they step up efforts to expand access to their essential medicines. Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. The Diagnostic Products segment contains a diverse range of diagnostic systems and tests that are produced, marketed, and sold around the world.
By offering lower-cost alternatives to expensive medications, it helps reduce healthcare costs and improves accessibility for patients. Generics and biosimilars are crucial in providing affordable and effective treatments for various diseases. This is particularly important in emerging markets, where access to affordable and effective medicines is limited, and communicable diseases remain significant public health concerns.
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. Its API products include Acamprosate Calcium, Alendronate Sodium, Amifostine trihydrate, Budesonide, and Carvedilol.
It further underscores the company’saspiration to be recognized as the foremost global leader in biosimilars andgenerics, valued for its commitment and excellence. Among the five companies, a handful of initiatives to bolster local manufacturing capacity in LMICs or facilitate technology transfer to local partners could be identified. Broadly, all companies implement at least some strategies to promote a continuous supply of their products and mitigate the risk of shortages and stockouts, and to ensure the quality and safety of their marketed products. BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports.
The Indian pharmaceutical industry has evolved significantly over the past few decades, transforming from primarily domestic to global. Today, it is the third-largest pharmaceutical market in terms of volume and ranks among the top 10 in terms of value. This growth has been fueled by a commitment to research, development, and a focus on producing cost-effective generic drugs. The industry’s expansion goes beyond generic drug manufacturing, with Indian pharmaceutical companies increasingly emphasizing innovation, novel drug development, and substantial investments in biopharmaceuticals and biosimilar research. This strategic diversification strengthens India’s position in the global pharmaceutical market. Generic drugs first appeared in 1984, when the Hatch-Waxman Act encouraged the manufacture of generic drugs and developed system regulation.