The global branded generics market is projected to reach US$ 414. 99 billion by 2028 from US$ 235. 86 billion in 2022; it is expected to grow at a CAGR of 9. 9% from 2022 to 2028. Rising penetration of branded generics and increasing government initiatives for promoting branded generics drive the growth of branded generics market.
New York, July 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Branded Generics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Therapeutic Application, Distribution Channel, Drug Class, and Formulation Type" - https://www.reportlinker.com/p06295653/?utm_source=GNW
Encouraging utility of branded generics by healthcare providers and professionals acts as a future trend in the branded generics market.
The Association for Accessible Medicines report states that nearly 3.9 billion generic prescriptions were dispensed in 2016. Therefore, branded generics present a viable opportunity for potential growth for big pharma players. According to the published report by HSRII, the US is the largest pharmaceutical market in the world (US$ 325 billion), accounting for one-third of the global pharmaceutical market, with generics accounting for 84% in terms of sales volume and 28% in terms of sales value. Furthermore, branded generics utilization has increased among the population due to savings provided by the healthcare system and the ability to invest in tomorrow’s new medicines. For instance, nearly 3.9 billion prescriptions dispensed in the US are for generics. Moreover, on average, in 2016, the use of generic medicines saved each state US$ 4.9 billion compared to the price of relevant branded medicines. This further means that Medicaid savings averaged US$ 744 million, and state Medicaid savings averaged US$ 1.5 billion per state. Such factors accelerate the demand for branded generics, fueling the overall market growth during the forecast period.
Additionally, the rise in government initiatives for promoting branded generics further is accelerating the adoption of branded generics, ultimately stimulating the overall market growth.A Scientific Electronic Library Online (SciELO) report states that promoting branded generics constitutes a core instrument for countries’ national pharmaceutical policies, ultimately reducing drug expenditure with expanding healthcare access.
For example, to make quality generic medicines available at affordable prices, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) was launched by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India in November 2008.The scheme focused on dedicated outlets known as Janaushadhi Kendras, offering generic medicines at affordable prices.
Till 2021, 8,012 Janaushadhi Kendras were functional across the country.Moreover, a Food and Drug Administration (FDA) report states that as the FDA approves more branded generics, it results in a drop in cost.
Generally, multiple generic drugs for the same product create marketplace competition. For example, a single generic competitor results in price reductions of up to 30%, while five competing generics are associated with a price drop of nearly 85%.
The global branded generics market is segmented based on therapeutic application, distribution channel, drug class, and formulation type.Based on therapeutic application, the branded generics market is segregated into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, analgesics and anti-inflammatory, and others.
The others segment is estimated to account for the largest market share during 2022–2028.However, the oncology segment is likely to register the highest CAGR during the forecast period.
Generic drugs are also widely used in supportive care during the chemotherapy treatment for oncology. According to the Indian Council for Medical Research (ICMR), in India, the number of Indians who have cancer is projected to increase from 26.7 billion in 2022 to 29.8 billion by 2025. As per the Pharma Intelligence Center, there are currently 1,351 generic drugs available in India for the treatment of various cancers as of February 26, 2021. Most drugs are for the treatment of hematological malignancies, such as blood cancer (606) and leukemia (428). As the cost of branded drugs is higher than generic drugs, maximum people cannot afford these branded drugs and consume generic drugs. Treatment of cancer is limited by the affordability of patients in many developing countries, including India. Therefore, generic drug manufacturers are manufacturing drugs available at affordable costs, often at less than 10% of the original brand cost. It is observed that there is a three-fold higher prescription of generic brands compared to innovators, accompanied by cost savings of up to 80% per prescription. However, the regulatory environment prevailing in India is favorable to ensure satisfactory generic products. These factors are responsible for the growth of this segment, which, eventually, is expected to aid the growth of branded generics market during the forecast period. The others segment is categorized into infectious diseases, musculoskeletal diseases, respiratory diseases, and oral health. According to the Centers for Disease Control and Prevention, in 2018, ~100,000 people in the US suffered from various infectious diseases. Thus, the prevalence of infectious diseases and respiratory diseases, which are treated using generics, is mainly driving the others segment, contributing a considerable share in the branded generics market during the forecast period.
Market Opportunities of Global Branded Generics Market
The opportunity for global branded generics market is product differentiation.The pharmaceutical industry is one of the most intensively regulated sectors, and as a result of these challenges, returns on R&D investment in the pharmaceutical industry have decreased.
One feasible alternative for addressing such challenges is adopting strategies such as product differentiation to reduce development costs and maximize profits.Product differentiation deals with developing innovative products based on an existing product by creating better features, performance, or efficacy.
Product differentiation paves the way for strengthening product pipeline and lifecycle management.As generic drugs contain the same active pharmaceutical ingredients as the brand-name product, differentiation in the color, shape, taste, inactive ingredients, preservatives, and packaging result in high demand for branded generics globally.
Therefore, differentiation in the final product is expected to offer lucrative growth opportunities for the competitive players in the branded generics market.
Additionally, prominent players in the market are focusing on offering low-cost branded generics to remain competitive in the market.This can be achieved by strategically sourcing raw materials from emerging economies and partnering with suppliers.
The above factors support the overall branded generics market growth during the forecast period.
The Pan-Canadian Pharmaceutical Alliance, Canadian Generic Pharmaceutical Association, Centers for Disease Control and Prevention, US Food and Drug Administration, International Finance Corporation, and Indian Brand Equity Foundation are among the primary and secondary sources referred to while preparing the report on the global branded generics market.
Read the full report: https://www.reportlinker.com/p06295653/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001