Europe Branded Generics Market Size, Share & Trends Analysis Report By Drug Class (Alkylating Agents, Antimetabolites), By Application, By Route Of Administration, By Distribution Channel, By Country, And Segment Forecasts, 2023 - 2030
New York, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Branded Generics Market Size, Share & Trends Analysis Report By Drug Class, By Application, By Route Of Administration, By Distribution Channel, By Country And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06377971/?utm_source=GNW
Europe Branded Generics Market Growth & Trends
The Europe branded generics market size is expected to reach USD 61.36 billion by 2030, registering CAGR of 5.9% during the forecast period.The prevalence of diabetes is growing rapidly in EU countries. According to WHO data for 2022, diabetes affects around 10%-20% of the population in member states of WHO European Region, which is increasing among all age groups. In 2022, a survey by WHO also reported a high prevalence of childhood obesity in Europe, stating that one in three children is overweight and obese. Thus, the growing prevalence of the disease is expected to propel Europe branded generics market.
The buyer of branded generic products include pharmacies, wholesalers, mail-order distributors, group purchasing organizations, and hospitals.Due to buyer’s enhanced capacity to negotiate competitive acquisition costs and ability to maximize their profits, market is witnessing competition based simply on cost and ability to supply medicines.
Individual manufacturers have minimal control above the overall drug market pricing, consequently, increasing the bargaining power of the buyers.
The flexibility, comfort, and accessibility provided by online purchases of branded generic drugs are the major factors driving the segment.In addition, the discounts provided by online pharmacies attract patients to buy drugs online, which are also projected to fuel Europe branded generics market.
However, the sale of prescription medicines on online platforms is prohibited, with the sale of nonprescription-based medicines being the smallest/least, which is contributing to the low share of online pharmacies in the branded generics market.
The UK has a high penetration of generics (approximately 70.0% by volume), low entry barriers, and relatively simplified entry requirements. However, sustaining in the UK market can be difficult for the branded generics players, as there is high dominance of unbranded generics. This impedes the opportunity to differentiate by company brand or product; thus, manufacturers are mainly dependent on pricing. Moreover, physicians are not mandated to prescribe according to INN in the UK.
The government is focusing on reducing healthcare expenditure by changing pricing policies. According to a report on new pricing models for generic medicines, around 70.0% of the generic products accounted for the total medicines dispensed in Europe. The pricing of generic products is affected by the significant consolidation of current pricing policies in Europe. For example, external reference pricing, tendering, short-term cost reduction measures (such as ad hoc price cuts), and payback has resulted in a significant decline in the prices of some off-patent medicines. Such policies are anticipated to increase competition and result in price erosion. These changes in traditional policies may leverage increased negotiation for the customers and additional pricing pressure which will restrain the branded generics market.
Europe Branded Generics Market Report Highlights
• By drug class, the others segment accounted for the largest share of the market in 2021. This can be attributed to the approval and launch of branded generics for the treatment of infectious diseases such as HIV & HPV and lifestyle diseases such as diabetes
• Based on application, oncology is expected to be the fastest growing segment during the forecast period owing to the patent expiration and approval of the branded drugs used for the treatment of various cancers
• Based on route of administration, the oral segment dominated Europe branded generics market in 2022. This can be attributed to the high preference of the patients due to its advantages, such as patient compliance, the convenience of drug administration, and non-invasiveness
• Retail pharmacy segment dominated the Europe branded generics market in 2022 and is anticipated to witness the fastest growth during the forecast period. This can be attributed to the wide availability of drugs at retail pharmacies and their ease of accessibility to the patients
• Germany dominated the market in 2022 owing to the factors such as high awareness among healthcare professionals about drugs available for the treatment and the rise in disease prevalence
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