The global Branded Generics Market size is expected to reach USD 375.95 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the market is projected to expand at a CAGR of 5.7% from 2021 to 2030. Factors such as patent expiry of major products, the rising prevalence of chronic diseases, high penetration of generic products, and government initiatives to promote them for reducing the overall healthcare expenditure are among the primary growth drivers.
The patent expiry of branded products primarily fuels
industry growth. Drugs, such as Revlimid and Alimta, may cost up to USD 500 a
month, which affects the overall healthcare expenditure and affordability for
patients suffering from chronic diseases. Eli Lilly & Company’s Alimta is
expected to lose its patent protection by May 2022. This expiry of product
patents creates opportunities for generics and biosimilar manufacturers.
However, over the past few years, the trend of ANDA
approvals for generic drugs had been steadily decreased. It can be observed
that the number of ANDA approvals decreased from 1,014 in 2019 to 948 in 2020
and further declined to 776 in 2021. Such factors could slow down industry
growth in the coming years.
The growing burden of infectious & non-infectious
diseases, coupled with the rising geriatric population, which is more
susceptible to chronic diseases such as diabetes, hypertension, and obesity, is
expected to positively impact the industry growth. According to an NCBI
article, there were 537 million patients suffering from diabetes in 2021
globally.
The COVID-19 pandemic moderately impacted the branded
generics space. Due to lockdown situations and stringent government regulations
to curb the pandemic, a slowdown and disruption in the supply of
pharmaceuticals had been observed in the initial phase of the pandemic. In
addition, regulatory operations also affected reimbursement decisions and
approvals of new products in the space. However, the market regained its pace
by the end of 2020 in most countries.
Companies are introducing novel products to strengthen
their product portfolio. In March 2022, Viatris, Inc. received the U.S. FDA’s
approval for Breyna, the first generic version of AstraZeneca's Symbicort,
intended for the treatment of COPD. Moreover, in February 2019, Mylan N.V.
introduced the first generic version of ADVAIR DISKUS (fluticasone propionate
and salmeterol inhalation powder) under the brand Wixela Inhub for the
treatment of patients with Chronic Obstructive Pulmonary Disease (COPD) or asthma.
This branded generic was claimed to be 70% cheaper than the originator product.
Related Press Release@ Branded Generics Market Report
Branded Generics
Market Report Highlights
- The anti-hypertensive drug class segment contributed to a
significant revenue share of 15.67% in 2021, due to factors such as
increasing demand owing to the rising burden of cardiovascular diseases
and the growing penetration of generic products
- The oral dosage form was the largest segment in 2021, due to
several advantages of oral dosage such as the ease of administration and
no nursing requirements, leading to higher patient acceptability and
compliance
- The retail pharmacy distribution channel dominated the space in
2021 owing to factors such as the growing presence of retail pharmacy
chains and tie-ups of these chains with established hospitals
- Asia Pacific dominated the space in terms of revenue in 2021, mainly
due to the presence of key players, high prescription rate &
preference for branded generics, increasing prevalence of chronic
diseases, and growing geriatric population
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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