The world generic drug market accounted for around USD 200.20 billion in 2015 and is estimated to reach around USD 380.60 billion by 2021, growing at a CAGR of around 10.8 % between 2016 and 2021. Generic drugs are bioequivalent to branded medicines in quality, dosage type, strength, intended employment and route of administration. After the expiry of the patent, the same branded drug can be derived and made by any other maker at a reasonable price.
Market drivers and restraints:
The low price of generics, as a substitute to branded medicine, is the major factor triggering the world generic drugs market expansion. The employment of RPA to make sure regulatory and standards compliance is one of the foremost branded generics market trends which will gain traction in upcoming years. Business method automation technologies such as RPA are extensively being adopted by pharmaceutical industries to handle high volume tasks in R&D and making. RPA technology includes software that logs into applications, enters information, calculates and finishes the required tasks, and logs out. This helps in maintaining compliance with laws and standards, finishing processes at a faster speed, and reducing prices.
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Report segmented as:
central nervous system drugs
On the basis of geography, the market has been segregated into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America is leading the generic drug market because of the high demand and rising the prevalence of chronic diseases. Asia-Pacific is estimatedto show noticeable growth throughout the forecast period. In the Asia Pacific, India and China are dominating countries in the generic drug market.
Important market players:
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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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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