Rising emphasis on biologics and healthcare therapies that are targeted towards treating increasingly specific conditions including life threatening diseases including cancer have created a strong demand for generic drugs. While biologics have gained relatively widespread applications in generic drugs, small molecule formulations are expected to witness a faster rate of growth.
As per a recent study by Future Market Insights (FMI) on the global generic drug market, the challenging and complex manufacturing processes along with the requirements of massive investments and cost of operations, coupled with strict regulations and checks has resulted in a small group of global market players. These businesses are witnessing further reductions owing to increased strategic activity involving mergers and acquisitions, which is creating a market scenario that is largely consolidated.
The growth of generic drug manufacturers is expected to occur strategic expansion activities for boosting manufacturing infrastructure and technologies. FMI states that this is thought to be particularly true of competitors in emerging economies like India and China, who will drive the expansion of the generic drug market.
Manufacturers of generic medicines are also taking part in the development of awareness programs that help end users to separate the myths about generic medicines, which often discourage the usage of such medicines, despite them being just as effective and safe as their branded alternatives, while also saving consumers and governments around the world significant amounts of money.
“Generic drugs currently form more than half of all prescriptions that are dispensed by healthcare facilities and professionals around the globe. The high level of competition among market players helps to keep the prices at an affordable range. However, at the same time, this has increased the pressure on manufacturers to reduce profit margins to pass the benefits of reduced prices to patients.” Senior Market Analyst, FMI.
As per the report, these factors have led to issues such as shortage of supply for active ingredients of generic drugs, while some of these drug options have been discontinued from the manufacturing processes as they are not economically feasible for manufacturers, creating fluctuations in pricing of older products.
Generic Injectable Manufacturing to Grow Rapidly in Asia Pacific
Currently, a majority of the worldwide generic injectable products manufactured by global pharmaceutical leaders are based in the United States. In addition the manufacturing facilities of these companies based overseas are also subject to the same rules and checks set by the Food and Drug Administration, as the ones that are used to monitor US based plants. In addition, nearly 70 per cent of all injectable drugs being used in the US belong to the generic category.
However, manufacturers of the generic injectable market based in the Asia Pacific are anticipated to witness the fastest rate of growth in years ahead. This is attributed to the strong growth of the pharmaceutical industry in countries such as India and China, and are expected to become leading global powers in the production of vaccines and generic drugs. This growth has resulted largely due to significant reforms in the processes of regulatory bodies such as China Food and Drug Administration (CFDA), the Quality Council of India, and the Japanese Ministry of Health Labor and Welfare. This study by FMI provides detailed insights on the developments and trends currently affecting the generic injectable market and information about possible opportunities for market players to grow.
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