Generic Drugs Market (2022-2028) Business Plan Strategy, New Solutions, Key Segments, Potential Targets and Recommendations
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Generic Drugs |
Generic Drugs initially introduced in 1984 as a
result of the Hatch-Waxman Act, which promoted their production and established
system control. Generic medications share the same API pharmacokinetic and
pharmacodynamic characteristics as branded pharmaceuticals. It differs from
currently available branded medications in terms of fillers, preservatives,
shape, packaging, and flavour but is otherwise bioequivalent to them.
Manufacturers of branded drugs invest money in R&D and
marketing their new medications, and they are given a monopoly for a specific
amount of time. However, Generic Drugs producers
may request FDA approval to create generic drugs after a patent expires. As a
result, generic drugs cost less than brand-name ones, and over 80% of
prescription drugs are generic. Metformin,
metoprolol, amphetamine salt combo, acyclovir, bupropion HCL tablet,
cholestyramine, ibuprofen tablet, letrozole, and verapamil are some examples of
generic drugs.
A significant factor in the expansion of the global Generic
Drugs Market is the
expiration of patents on branded drugs. Generic products may be produced once a
branded drug's patent expires and FDA approval is secured. The number of patents
that have expired or are going to expire is causing the generic sector to grow.
There will be roughly 26 generic medications accessible in 2019 when patents
expire in 2018. Additionally, according to the U.S. FDA, 158 drug patents are
expected to expire in 2021, opening up a sizable market for generic
medications. Generic providers would have unfettered access to 44 of the 158
patents.
For instance, a lot of Generic
Drugs Market companies target the medications for treating hypertension
made by Hanmil Pharmaceutical, Amosartan and Amlopidine, which are slated to
expire in March 2021. Generic Amosartan is now being distributed by about 30
companies.
Types of Drugs-
·
Monoclonal
Antibodies
·
Cytokines
·
Vaccines
·
Insulin
·
Peptide
Hormones
·
Immunoglobulin
·
Peptide
Antibiotics
·
Blood
Factors
Applications of Generic
Drugs Market-
·
Oncology
·
Cardiovascular
Diseases
·
Neurology
·
Infectious
Diseases
·
Musculoskeletal
Diseases
Major Companies
Involved with Generic Drugs Market are- Teva Pharmaceutical Industries, Mylan N.V., Novartis
International AG, Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Fresenius
Kabi, Sanofi, Endo International, Lupin Ltd., Abbott Healthcare, AstraZeneca
Plc, and Novo Nordisk.
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