Nanomedicine Market Slated to Expand at US$78.54 Bn by the end of 2019
Posted: Dec 07, 2017
As patent expiry looms, branded drug manufacturers can hardly focus on extending the lifecycle of products. The market for generic drugs therefore, has expanded and it is expected to flourish tremendously, especially between 2012 and 2018. Generic drugs are medications that have the same chemical composition and possess similar performance characteristic to its branded variants. Unlike blockbuster or branded drugs, generic drugs are marketed by the name of its chemical sans marketing titles.
The generic drugs market can be segmented into biosimilars, simple generic, and super generic. Based on its therapeutics applications, the generic drugs market can be classified into cardiovascular products, anti-infective drugs, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and others.
The market report provides a holistic blueprint of the global generic drugs market. It analyzes the elementary components shaping the demand and supply forces in the market and monitors the industry trends expected to impact the global market’s growth trajectory. The market is evaluated in terms of distinct product segments, retail distribution channels, supply chain networks, and consumer groups to offer focused and strategic recommendations for businesses. Insightful data and statistics present in the report enhance the understanding of stakeholders about the incumbent market dynamics and how the same is likely to impact their future course of action.
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The cost-effectiveness of generic drugs has given it a competitive advantage over branded drugs in the market. Generic drugs are governed by the same governing framework as branded drugs. The market for generic drugs is based on the premise that patented drugs come with a lifespan of 20 years, which begins from the phase of clinical trials. Hence, this cuts down the commercial life of patented drugs to approximately 15 years. After patent expiry, manufacturers of branded drugs have to face fierce competition from cheap generic contemporaries.
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.
To present a detailed analysis of the competitive landscape of the market, the report profiles some of the leading generic drug manufacturers. The pharmaceutical companies profiled in the report are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Teva Pharmaceutical Industries, Ltd., Dr. Reddy’s Laboratories, Sandoz International GmbH, Apotex, Inc., Par Pharmaceutical, Inc., Hospira, Inc., Watson Pharmaceuticals, Ltd. and others.
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