Market Research Report
The Future of Generic Drugs and Strategies for Commercial Success
|Published by||CBR Pharma Insights||Product code||376402|
|Published||Content info||83 Pages
|The Future of Generic Drugs and Strategies for Commercial Success|
|Published: September 1, 2016||Content info: 83 Pages||
Generic drugs are identical or bioequivalent to branded drugs in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Although generic drugs are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price. Generic drugs are usually intended to be interchangeable with an innovator product (branded drug), manufactured without a license from the innovator company (the company holding the patent for the branded drug), and marketed after the expiry date of the patent or other exclusive rights that the innovator product may possess.
Generic drugs market has seen rapid expansion for more than 30 years, and consistently achieves higher annual growth rates than the overall pharmaceutical market. The increase in generic drug activity can be primarily attributed to the promise of significant revenues from blockbuster drugs nearing patent expiry. In the US - the largest generic drugs market by revenue - the number of generic drug approvals hit a record high in 2015, due to a new program that aimed to speed up approvals. There has also recently been a surge in the number of industry-transforming mergers and acquisitions, with companies looking to consolidate their position in this highly lucrative market.
In general, generic manufacturers do not pay much for advertising, marketing and promotion, as the efficacy and quality of the drug in treatment has already been well-established. In addition, multiple generic companies are often approved to market the same product. This creates significant competition in the marketplace, often resulting in even lower prices. For this reason, generic drugs are important options that allow greater access to healthcare, and have become increasingly crucial in regions where significant economic and financial instability have created the need to reduce healthcare expenditure.
The report "The Future of Generic Drugs and Strategies for Commercial Success" provides an overview of the generics market and outlines the results of GBI Research's proprietary industry survey, which examined - among other trends - the therapy areas that will witness the highest levels of genericization in the next five years.