Generic drugs have similar chemical composition as current branded drugs in terms of strength, dosage, quality, mode of administration, and application. These drugs are less expensive compared to other branded drugs. They have minor differences such as different inactive ingredients from the branded products. Further, the growing prevalence of diabetes, chronic disease, and cardiovascular disease is estimated to propel market growth. Increasing healthcare expenditure and extensive demand for generic medicines are contributing to the expansion of the market of generic drugs. Rising need for newer generic pharmaceuticals is anticipated to boost industry expansion. In addition, an increasing number of clinical studies and extensive licensing and partnering strategies by major vendors to introduce products are estimated to expand industry growth forward.
COVID-19 pandemic affected economic growth of a variety of businesses. Government initiatives, such as lockdown and social distancing measures, considerably impacted healthcare, hospitals, drug makers, and healthcare services. The pandemic directly impacted supply and demand progress. The market witnessed supply chain disruption. Further, several pharmaceuticals remained incapable of reaching the market on time. As per Business Research Insights, the global generic drugs market size is anticipated to hit USD 555,740 million by 2027, exhibiting a CAGR of 10.0% during the forecast period. The growing demand from the healthcare sector is likely to aid the industry’s expansion.
Business Research Insights Identifies the Following as the Top 10 Leading Companies in the Global Market:
Teva has been focused on improving patients’ health for more than a century. It is a multinational pharmaceutical company in Israel. The company was founded in 1901. The company is committed to specialty and generic medicines. It has a portfolio of 3,500 products. Every day, 200 million people around the world consume Teva medicine.
Novartis-Sandoz is a healthcare company. It is a Swiss-American multinational pharmaceutical company. Its business is divided into three operating divisions, Sandoz (generics), Innovative Medicines, and Alcon (eye care). The company is one of the largest pharmaceutical companies in the world. The purpose of the company is to discover the latest and improved solutions for people’s health.
Mylan is a global healthcare company that is now part of Viartis. The company is committed to empower people to live healthier. The company supports impacted communities by ensuring access to medicine. It is known for providing medicines regardless of geography or circumstances.
4. Sun Pharmaceuticals
Sun Pharmaceuticals is an Indian multinational pharmaceutical company. The company sells Active Pharmaceuticals Formulations (APIs) and pharmaceutical formulations in more than 100 countries across the globe. The company is the fourth largest specialty generic drugs company and the largest pharmaceutical company in India. It was founded in 1983 by Dilip Shanghvi in Gujrat.
Aspen is headquartered in Durban, South Africa. The mission of the company is to improve the health of patients globally. The company is dedicated to providing high-quality and affordable medicines. It has business segments, such as manufacturing and commercial pharmaceuticals, comprising regional brands and sterile focus brands.
6. Fresenius Kabi
Fresenius Kabi has the vision to develop new, cost-effective, and high-quality generic medicines. The commitment of the company is to discover best-possible solutions in the hands of medical professionals. Established in 1995, the company focuses on oncology and autoimmune diseases. It is segmented into nine different business verticals in therapeutic areas.
Pfizer is a leading research-based company in biopharmaceuticals. The company delivers innovative therapies, which significantly improve lives. It is specialized in healthcare services. The motive of the company is to improve health and well-being of life at every stage.
Sanofi is an innovative healthcare company globally. The purpose of the company is to chase miracles of science to improve the lives of people. It offers affordable medicine and distributes its medicines in some of the world’s poorest countries.
The company was founded in 1986. It has 24,000+ employees worldwide, presence in 155+markets, and 40+billion dosage forms. The company has a huge R&D facility in India for formulations and active ingredients. The company was formed by P. V. Ramprasad Reddy and K. Nityananda Reddy. It also has proven regulatory expertise.
Lupin promises to improve health outcomes and uplift communities in the generic drugs industry. It was founded in 1968. The company has a strong research team and continuous learning and technology to develop high-quality and affordable medicines for people. The values of the company are taking care of customers and employees’ welfare and growth.
Growing Geriatric Population is Responsible to Drive Market Progress
The growing prevalence of chronic diseases among the older population is anticipated to boost market growth. Growing R&D spending in the healthcare sector is responsible for fueling market progress. The product has strong performance and is less expensive, which is the reason to boost generic drugs adoption among consumers.