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. The quality issues of generic drugs are another significant challenge to the global market growth. To get approval from the Food and Drug Administration (FDA), generic medicines should be demonstrated to be the same as brand-name medicines in dosage, effectiveness, strength, safety, quality, stability, and how they are taken. The FDA generic drug program conducts a thorough review before approving the medicines to ensure they meet these requirements. In the event of negative reactions or patient side effects resulting in the report, the FDA investigates and makes required changes in the usage and manufacturing of these medicines. These medicines cost less than branded medicines as they do not involve repeated animal and clinical studies required for branded medicines.
Industry
Gabapentin is already available in other generic forms, but the specific release characteristics and dosing regimen of Gralise are protected by patents. Once these patents expire and if any market exclusivity periods have lapsed, other companies can produce generic versions of this particular formulation, potentially leading to price reductions and increased accessibility for patients. The launch of generic Gralise, especially in Q124, as anticipated, could offer patients more options for their treatment plans. We expect a positive impact for both patients and healthcare providers, as the lower cost could facilitate treatment adherence and reduce the financial burden on individuals and insurance systems. China will retain the largest proportion of generic drug sales through to 2030, at around 70% of the APAC region. Growth within the generic drug sub-sector will be mainly supported by increased volume consumption, driven by rising medicine demand and cost-containment measures, such as centralised drug procurement programmes encouraged by regulatory authorities.
Asia-Pacific To Remain Largest Growth Region For Generic Drugs In 2024
Krka is an international pharmaceutical company and one of the leading generic manufacturers worldwide. Macleods Pharma is a pharmaceutical company that offers a wide range of high-quality generic and branded drugs. With a focus on research and development, they provide innovative and affordable healthcare solutions to improve the well-being of individuals globally.
Want to find more generic drugs companies?
Learn more about the BMI products and services that empower you to make critical business decisions with confidence. Encouragingly, the report found strong examples of how companies are engaging in adaptive R&D to tailoring products to the needs of people in LMICs, with nine adaptive R&D projects identified among the companies in scope. These include products specifically adapted for children; products adapted so that they do not require refrigeration; and formulations that simplify dosing regimens. BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts assess growth opportunities, market sizing, technologies, applications, supply chains and companies with the singular goal of helping you make informed business decisions, free of noise and hype. Beyond his professional achievements, Anil is deeply passionate about the intersection of technology and healthcare.
#11 Bristol-Myers Squibb Company
If you want to find more companies that offer a diverse range of generic pharmaceutical products you can doso with Inven. Teva Pharmaceutical Industries Ltd., also known as Teva Pharmaceuticals, is an Israeli pharmaceutical firm based in Petah Tikva. Its primary business is generic medications, but it also deals in active pharmaceutical ingredients and, to a lesser extent, patented pharmaceuticals. Teva Pharmaceuticals was the world’s second-largest generic medicine manufacturer and eighth-largest pharmaceutical firm in 2020. What sets these eminent companies apart from their industry rivals are their unique qualities.
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- They specialize in the production of high-quality generic medications and contract manufacturing for other pharmaceutical companies.
- They offer a wide range of generic drugs and steroids, including Carbamazepine, Cefixime, and Betamethasone Sodium Phosphate.
- Almatica’s Gralise (gabapentin) is a medication primarily used to treat epilepsy and neuropathic pain, with patent set to expire in early 2024.
- In the labyrinth of thepharmaceutical industry, where towering patents and complex research dominate,generic drug companies emerge as beacons of hope and equity.
- This blog post will discuss the importance of generic medicines in addressing healthcare disparities and their potential to improve health outcomes worldwide.
- 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.
These drugs undergo stringent testing to ensure they are bioequivalent to their branded counterparts, offering the same safety and efficacy. Once a brand-name drug’s patent expires, other manufacturers can produce generic versions, increasing accessibility to affordable medications for consumers. Thecorporation offers over 1,600 commercial products spanning a wide spectrum ofillnesses and therapeutic areas. These include anti-retrovirals and treatmentsfor tuberculosis, acute and chronic generic drugs, branded medications,specialized sterile products (such as those for thrombosis, oncology, andanesthesia), emergency medications, and vaccines. FreseniusKabi offers an extensive range of intravenously administered generic drugsspanning various therapeutic categories including oncology, anesthetics &analgesics, anti-infectives, and critical-care medications. 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.
Sun Pharmaceutical Industries Ltd.
For instance, in May 2022, Sandoz will expand its respiratory portfolio by launching the first generic pirfenidone in the United States for patients with idiopathic pulmonary fibrosis. Sandoz was the world’s leading generics manufacturer in 2020, with 9.5 Billion US dollars in revenue. Tablets, capsules, and tablets aren’t the only ways to get medicine into your body; injectables are another option. They’re considered the most effective because the drug’s bioavailability is higher through this route than the others. The market in the Middle East and Africa is expected to hold a moderate share of the worldwide market during the forecast period. The rising number of improvements in the healthcare infrastructure and healthcare system of MEA countries is favoring the generic drugs market in MEA.
Shaigan Pharmaceuticals (Pvt) Ltd.
With a focus on affordability and accessibility, Mylan expanded its reach worldwide, particularly in emerging markets. In 2020, Mylan merged with Upjohn to form Viatris Inc., marking the end of its independent existence. Aspen Pharmacare Holdings Ltd (Aspen) is a prominent supplier of specialty and generic pharmaceuticals for the treatment of various acute and chronic ailments. Aspen Pharmacare has a robust quality management system and adheres to strict regulatory compliance standards and is approved by multiple regulatory agencies on a global level. Aspen’s generic drugs provide a cost-effective option for patients, thereby enhancing accessibility to its products for a broader population, particularly in emerging markets.
Top 10 Globally Leading Companies in The Generic Drug Market
The AMA seeks to harmonise the disparate regulatory policies and to streamline the approval processes for generic medicines across member states. In South East Asia, Thailand has implemented the ‘National List of Essential Medicines’, which prioritises generics in government procurement and healthcare delivery, ensuring that the public healthcare system provides cost-effective treatment options. As these diverse initiatives unfold, they highlight a shared commitment to expanding the reach of high-quality generic medicines. Rivopharm is a global pharmaceutical company specializing in the development, production, and distribution of generic pharmaceutical products.
Cost-Effective Solutions
In addition, the growing chronic disease patient population in the Latin American region and the increasing number of generic drug manufacturing activities further fuel the growth of the generic drugs market in Latin America. 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.
- Specializing in affordable alternatives to brand-name medications, Teva offers a diverse portfolio covering various therapeutic areas.
- Viatris seeks to provide improved access to inexpensive, high-quality medications for patients worldwide, regardless of region or circumstance, by combining the assets of these two businesses.
- Additionally, certain Medicare Part D plans failed to cover generic Hepatitis C drugs in 2019, resulting in missed savings opportunities.
- In addition to providing high-quality, affordable medicines, the company also offers a wide range of therapeutic categories, including basic and complex medicines, branded as well as generics, committed to patient-centricity and offering value-added services.
- 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.
- The success of these top companies can be attributed to several shared elements and approaches.
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.
Normon is a pharmaceutical company that has been manufacturing high-quality prescription and non-prescription drugs for 80 years. The Indian pharmaceutical industry is a global leader, with the domestic market poised to reach US$ 65 billion by 2024 and an expected surge to US$ 130 billion by 2030. Currently ranked 3rd globally in pharmaceutical production by volume and 14th by value, India commands a 20% share in global generic medicine supply and dominates vaccine manufacturing with a 60% market share. The generics industry is positioned to enhance access to essential health products in low- and middle-income countries. Initiatives, such as the Access to Medicine Foundation’s work, aim to mobilize generic medicine manufacturers, ensuring greater access to generic medicines. Formed through the merger of Mylan and Pfizer’s Upjohn business, Viatris is a relatively new player that has quickly risen through the ranks.
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.
- Encouragingly, the report found strong examples of how companies are engaging in adaptive R&D to tailoring products to the needs of people in LMICs, with nine adaptive R&D projects identified among the companies in scope.
- When patents expire, generic and biosimilar manufacturers can enter the market and develop these medicines at a lower cost, potentially introducing competition and increasing supply.
- As these companies continue to innovate, collaborate, and expand their reach, the future promises a more accessible and equitable healthcare system worldwide.
- Generic medicine suppliers play a vital role in reducing expenses, enhancing access to essential treatments, and bridging global healthcare gaps.
- Besides, generic drugsare typically more affordable than their branded counterparts, making them anattractive option for both consumers and healthcare providers.
- Across the five companies, the report identifies wider findings related to affordability, product registration, supply, local availability, and adaptive R&D.
- Is a pharmaceutical company established in 2015 specializing in drug production and food supplementation.
As Indian companies continue to invest in R&D, they are poised to play an even more substantial role in shaping the future of the global pharmaceutical landscape. Indian pharmaceutical companies are not merely suppliers of generic drugs but have also become significant players in the global pharmaceutical market. These firms are expanding their global footprint through strategic partnerships, acquisitions, and collaborations.
The Evolution Of The Indian Pharma Industry
- Initiatives, such as the Access to Medicine Foundation’s work, aim to mobilize generic medicine manufacturers, ensuring greater access to generic medicines.
- Their responsibilities include compliance with health, safety, and regulatory standards, and ensuring the efficacy and quality of the products.
- Neo Química is a pharmaceutical company that offers a wide range of generic medicines and healthcare products.
- With a production base that allows the manufacture of 13 different pharmaceutical forms, SOTHEMA represents 35 client laboratories ranking among the global R&D leaders.
- These corporations are an integral part of global healthcare systems, catering to different therapeutic areas to help patients overcome various health conditions.
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 imatinib cost uk 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. They offer a wide range of high-quality and affordable medicines for various therapeutic areas.
Industry
Many patients in conflict zones and low-income countries have limited pharmaceutical manufacturing and are heavily reliant upon imports to access generics. Weak regulatory systems in many sub-Saharan African countries, lack of financing, and insufficient healthcare infrastructure impede access to quality generic medicines. Low-income countries across various regions, including parts of Asia and Latin America, struggle with access to generics due to high out-of-pocket costs for patients, tariffs on imported medicines, and limited availability of essential drugs. We anticipate that new regional and national initiatives will be developed, targeting improving regulatory capacities, establishing better procurement practices, negotiating price reductions, and encouraging local production of generic medicines. GSK plc, or GlaxoSmithKline, a prominent global pharmaceutical company, has been a leader in innovation since its formation in 2000 through the merger of Glaxo Wellcome and SmithKline Beecham.
The inception of generic medicine in India dates back to the post-independence era in 1947 when the pharmaceutical landscape was dominated by foreign companies, holding over 90% of the market share. Despite this foreign dominance, India has emerged as a significant global player in the generic medicine market, marking key milestones in its history. Driven by Knowledge and Services, InviMeds to become essential to its customers by providing access to most advanced treatment medicines and related services to help improve people’s quality of life. Recent studies reveal concerning trends in the availability and pricing of generic drugs for Hepatitis B and C. Despite reduced pharmacy prices, out-of-pocket costs for entecavir, a generic Hepatitis B antiviral, increased for privately insured patients from 2014 to 2018.