Global Generic Drugs Market To Witness Exponential Growth, in-Depth Analysis and Forecast by 2018

According to a recent market study published by Transparency Market Research (TMR), The global generic drugs Market covers the sale and marketing of medication that contains the same active ingredients as the branded drugs found in the global pharmaceutical industry. These drugs can be prescribed by their chemical name without specifying the name of a particular pharmaceutical company or brand. According to the U.S. FDA, generic drugs account for over 70% of the prescription drugs in the U.S.

By type, the global generic drugs market is segmented into simple generic, biosimilars, and super generic. According to the therapeutic application, the global generic drugs market is divided into anti-infective drugs, cardiovascular products, anti-arthritis drugs, anti-cancer drugs, central nervous system drugs, and others.

The global generic drugs market is expected to demonstrate a healthy CAGR during the forecast period from 2012 to 2018. Let us take a look at the top 10 trends that will shape the dynamics of the global generic drugs market.

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Top Market Trends Impacting the Global Generic Drugs Market

• With the expiry of patented drugs, the manufactures of branded drugs are anticipated to face fierce competition from their low-cost generic contemporaries.
• The rising competition from the generic counterparts is posing a tremendous threat to the branded drugs industry. As a result, the innovator firms have adopted aggressive defense strategies to guard their market share.
• The global generic drugs market is increasingly witnessing consolidation. The larger players in the global generic drugs market have adopted the strategy of mergers and acquisitions in order to gain a significant share of the market.
• Several generic drug companies are moving their current manufacturing to low cost countries such as Russia, China, and India. Furthermore, many companies are also moving their R&D locations to such countries. This is expected to help the firms expand their reach in the emerging markets and optimize their cost.
• The generic drug market players after closely observing the defensive tactics of the branded drug companies are adopting licensing and partnering strategies in order to launch new products. 
• To overcome low margins, several generic drug makers are now venturing into the sector of super generics. This sector offers a good growth opportunity for these companies as super generics are sold for a higher price compared to pure generic drugs. Currently, the super generics sector accounts for around 20% of the global generic drugs market share.
• Many players in the global generic drugs market are venturing into the biosimilars drugs sector, as biosimilars have the potential to save costs. Driven by this trend, the sector of biosimilars drugs is expected to gain substantial market share in the foreseeable future.
• Several generic drugs are expected to take over the branded drugs. These include: Fenofibrate-based drugs to treat cholesterol will take over the drug Tricor, Valsartan-based drugs to treat high blood pressure will take over the drug Diovan, and Montelukast-based drugs to treat asthma and allergy will take over Singulair.

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Furthermore, the participants in the industry supply chain network such as wholesalers, retailers, pharmacies, and benefit managers also benefit from the sale of generic drugs, since it significantly increases their profit margin. This has emerged as a key growth driver for the generic drugs market. 

As competition from generic counterparts poses a significant threat to the branded drug industry, innovator companies have adopted more vigorous defense strategies than ever to guard their market share and profits. This, however, has not deterred leading players in generic drugs market from marching ahead with their market expansion plans. By studying closely the defensive strategies undertaken by branded drug companies, the generic drug industry is not only armed to survive battles over patents, but also adopt licensing and partnering strategies to launch new products successfully and ensure that their market thrives. Such factors are expected to boost the sales of generic drugs in the forthcoming years. 

The global generic drugs market is highly competitive in nature. Some of the key players operating in the global generic drugs market are Ranbaxy Laboratories, Mylan, Actavis, Teva Pharmaceutical Industries, Sandoz International GmbH, Dr. Reddy’s Laboratories, Apotex, Hospira, Par Pharmaceutical, and Watson Pharmaceutical.

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