Market Research Report
Specialty Generics Market Analysis By Type (Injectables, Oral), By Application (Oncology, Inflammatory Conditions, Multiple Sclerosis, Hepatitis C), By End-use, And Segment Forecasts, 2014 - 2025
|Published by||Grand View Research, Inc.||Product code||572918|
|Published||Content info||101 Pages
Delivery time: 2-3 business days
|Specialty Generics Market Analysis By Type (Injectables, Oral), By Application (Oncology, Inflammatory Conditions, Multiple Sclerosis, Hepatitis C), By End-use, And Segment Forecasts, 2014 - 2025|
|Published: September 22, 2017||Content info: 101 Pages||
The global specialty generics market is expected to reach USD 174.9 billion by 2025, according to a new report by Grand View Research, Inc. Rise in demand for low-cost generic specialty drugs is a major factor estimated to accelerate the market growth during the forecast period. Introduction of cost-effective drugs for the treatment of multiple sclerosis, cancer, and other infectious diseases is expected to showcase huge opportunities for the specialty generic drug manufacturers. According to U.S. FDA, generic drugs cost 80% to 85% lower as compared to branded drugs. One of the factors contributing to their affordable price is that they do not need to repeat expensive clinical trials, advertising, and promotional activities. Thus, low cost of generic specialty drugs is expected to accelerate the demand for these medicines.
Rise in number of off-patent specialty drugs is another major factor expected to support growth of the specialty generic drugs market. For instance, the patent for Gilenya, a blockbuster drug by Novartis, will expire in 2019. This drug led to USD 3.1 billion in sales in 2016 for Novartis, with 14% sales growth. In April 2017, Novartis failed to acquire patent extension for Gilenya till 2026 in the U.S. Federal Circuit. Such early patent expirations are expected to boost the entry of new generics.