Specializing in affordable alternatives to brand-name medications, Teva offers a diverse portfolio covering various therapeutic areas. Despite facing challenges like pricing pressures, the company remains committed to accessibility and quality, continually optimizing its offerings through R&D and strategic initiatives. FreseniusKabi is a prominent player in the generic IV drug sector, boasting a strongpresence in both the U.S. and European markets. Specializing in therapeuticsolutions for critically and chronically ill patients, the company’s diverseportfolio encompasses biopharmaceuticals, clinical nutrition, MedTech products,generic IV drugs, and IV fluids.
Companies have potential to register more of their essential products in LMICs
The Emerging Markets sector includes the Company’s ARV franchise as well as activities in countries with developing markets and emerging economies, including Asia, the Middle East, South, and Central America, Africa, and Eastern Europe. Avet Pharmaceuticals Inc. is a pharmaceutical company that specializes in the production and distribution of various medications, including tablets, capsules, and injectables. They offer a wide range of products such as Mycophenolate Mofetil, Propofol Injectable Emulsion, and Octreotide Acetate. Avet Pharma aims to provide high-quality medications to patients, ensuring their safety and well-being. Esseti Farmaceutici is a pharmaceutical company that offers a range of products and services. They specialize in pharmaceutical trading, contract development and manufacturing, and pharmacovigilance.
Companies are engaging in adaptive R&D, tailoring products to the needs of people in LMICs
- However, the issue of these medicines in certain countries is about something other than being expensive but about dubious quality.
- Sandoz was the world’s leading generics manufacturer in 2020, with 9.5 Billion US dollars in revenue.
- By March 2023, it had onboarded over 135,000retailers, facilitating enhanced market outreach and accessibility.
- In Spain, for instance, the company unveiledAlmagato STADApharm in 2023, marking the debut of the first generic alternativeto the prominent Almax non-prescription heartburn and acid reflux brand.
- This focus on innovation has resulted in the development of complex generics and biosimilars, addressing unmet medical needs globally.
- Aurobindo is a global pharmaceutical company focused on the development and production of high-quality generic medicines.
- The global generic drugs market is forecasted to generate $404.3 billion in revenue in 2022, with an estimated compound annual growth rate of 7.20% until 2030, reaching $705.1 billion.
- Besides, generic drugsare typically more affordable than their branded counterparts, making them anattractive option for both consumers and healthcare providers.
The quality issues of generic drugs are another significant challenge to the global market growth. To get approval from the Food and Drug Administration (FDA), generic medicines should be demonstrated to be the same as brand-name medicines in dosage, effectiveness, strength, safety, quality, stability, and how they are taken. The FDA generic drug program conducts a thorough review before approving the medicines to ensure they meet these requirements.
Hetero Drugs Ltd
Government regulations, including FDA evaluations, ensure their safety and efficacy, marking them as reliable alternatives to brand-name counterparts. The widespread availability of generic medicines plays a pivotal role in controlling and eradicating infectious diseases, notably demonstrated in the cases of HIV/AIDS, malaria, and tuberculosis. Generic antiretrovirals and antimalarials have been instrumental in globally expanding treatment options for these conditions.
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The continued rise in the expenditure on prescribed drugs and the healthcare expenditure accounting for a substantial percentage of a nation’s GDP is attributed to the generic drug manufacturers producing effective products at an advantageous price. Also, it enables them to hold an attractive position to fulfill the increasing essential need for these medicines. Also, as generic-friendly policies are expected to be enacted, the market share of patented drugs is expected to erode further in the next decade, thereby resulting in the growth of the generic drugs market worldwide. With a focus on affordability and accessibility, Mylan expanded its reach worldwide, particularly in emerging markets.
Top 10 Globally Leading Companies in The Generic Drug Market
In South East Asia, Thailand has implemented the ‘National List of Essential Medicines’, which prioritises generics in government procurement and healthcare delivery, ensuring that the public healthcare system provides cost-effective treatment options. As these diverse initiatives unfold, they highlight a shared commitment to expanding the reach of high-quality generic medicines. Beximco Pharmaceuticals Ltd. is a company that specializes in the manufacturing and marketing of generic pharmaceutical products. They offer a wide range of high-quality and affordable medicines for various therapeutic areas.
#13 Eli Lilly And Company
A key factor contributing to the expansion of the worldwidegeneric drugs market is the expiration of patents protecting brandedmedications. When patents expire, generic drug manufacturers gain theopportunity to produce and market their versions of these medications. Thisleads to increased erlotinib price in philippines competition in the market, driving down prices and expandingaccess to affordable healthcare options for consumers. Besides, generic drugsare typically more affordable than their branded counterparts, making them anattractive option for both consumers and healthcare providers.
The evolution of generic medicine in India:
By offering lower-cost alternatives to expensive medications, it helps reduce healthcare costs and improves accessibility for patients. Generics and biosimilars are crucial in providing affordable and effective treatments for various diseases. This is particularly important in emerging markets, where access to affordable and effective medicines is limited, and communicable diseases remain significant public health concerns.
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In addition, increasing initiatives from the MEA countries favoring generic drugs support regional market growth. The Asia-Pacific market is one of the promising regional markets for generic drugs worldwide. The APAC market held the second-largest worldwide market share in 2023, falling right behind North America. Countries such as India and China in the Asia-Pacific region dominated the global generic drugs business in volume. North America held the largest share of the global generic drugs market in 2023 and is predicted to maintain the same dominating position throughout the forecast period.
The Importance of Generics in Emerging Markets
We expect a positive impact for both patients and healthcare providers, as the lower cost could facilitate treatment adherence and reduce the financial burden on individuals and insurance systems. Teva Pharmaceutical Industries Ltd., also known as Teva Pharmaceuticals, is an Israeli pharmaceutical firm based in Petah Tikva. Its primary business is generic medications, but it also deals in active pharmaceutical ingredients and, to a lesser extent, patented pharmaceuticals. Teva Pharmaceuticals was the world’s second-largest generic medicine manufacturer and eighth-largest pharmaceutical firm in 2020.
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They’re considered the most effective because the drug’s bioavailability is higher through this route than the others. The market in the Middle East and Africa is expected to hold a moderate share of the worldwide market during the forecast period. The rising number of improvements in the healthcare infrastructure and healthcare system of MEA countries is favoring the generic drugs market in MEA.
Top 10 Companies in Generic Drug Market in 2024
India asserts its dominance by claiming a substantial 20% share in the global generic drug market, securing its position as the largest international provider. The nation emerges as the global leader, fulfilling over 50% of the global demand for generics. Projected to reach $65 billion by 2024 and $130 billion by 2030, India’s pharmaceutical sector demonstrates significant growth potential from its current $50 billion valuation. With exports to over 200 countries, India fulfills crucial global medicine needs, serving as a key healthcare provider. In India, for example, the ‘Pradhan Mantri Bharatiya Janaushadhi Pariyojana’ scheme is pivotal in the nation’s efforts to increase the domestic availability of low-cost generics.
Tabuk Pharmaceuticals Manufacturing Company
- While there is continued unrest in some regions, both economically and politically, the regional pharmaceutical market is becoming more attractive.
- Encouragingly, the report found strong examples of how companies are engaging in adaptive R&D to tailoring products to the needs of people in LMICs, with nine adaptive R&D projects identified among the companies in scope.
- They offer a wide range of generic drugs and steroids, including Carbamazepine, Cefixime, and Betamethasone Sodium Phosphate.
- Its generic offerings span various therapeuticdomains, including cardiovascular, central nervous system, oncology, infectiousdiseases, pain management, and respiratory ailments.
- He is committed to staying at the forefront of industry innovations, ensuring that his work consistently exceeds client expectations.
- Additionally, certain Medicare Part D plans failed to cover generic Hepatitis C drugs in 2019, resulting in missed savings opportunities.
- While primarily focused on branded pharmaceuticals, through its subsidiary Elanco Animal Health, Lilly also offers generic animal health products, emphasizing quality and accessibility.
- STADAstands out as a premier producer of top-tier pharmaceuticals, boasting a legacydeeply rooted in pharmacy traditions that spans over 125 years.
- Headquartered in Israel, the company holds the top spot in revenue and maintains a robust presence in both developed and emerging markets.
With a commitment to sustainability and corporate responsibility, Viatris aims to improve global healthcare and enhance patient outcomes. While there is continued unrest in some regions, both economically and politically, the regional pharmaceutical market is becoming more attractive. In addition, although most of the market was held previously by the originator drugs, new guidelines favoring generic drugs are being implemented worldwide. Publicly funded health systems are under amplified pressure to reduce the ever-rising drug budgets. The government is finding ways to restore the fiscal balance by transferring more funds to patients and private health insurance.
STADAstands out as a premier producer of top-tier pharmaceuticals, boasting a legacydeeply rooted in pharmacy traditions that spans over 125 years. Recognized as adependable and reputable ally, the company maintains a robust product pipeline,with over 2,500 approval procedures encompassing more than 200 activepharmaceutical ingredients and combinations in over 60 countries as of December31, 2023. This diverse portfolio includes significant generics alongside a widearray of consumer healthcare products and specialty pharmaceuticals. Notably,in the Generics segment, STADA introduced Sugammadex, Fampridin, and Apixabanin 2023, providing healthcare practitioners and patients with additionaltherapeutic options.
With a strong commitment to research, quality, and affordability, Pfizer continues to innovate and expand its generic drug offerings, ensuring patients worldwide have access to essential medications at competitive prices. They offer a wide range of medications, including generic and branded drugs, as well as contract manufacturing services for other pharmaceutical companies. With a strong focus on quality and innovation, Hikma.com aims to improve global healthcare through their reliable and affordable solutions. The expiration of patents on many brand-name drugs has led to a surge in demand for generic alternatives due to their lower cost, particularly in addressing chronic diseases that account for a significant portion of global mortality.
Additionally, collaborative effortswith partners focus on novel and intricate products like the BOTOX®(onabotulinumtoxinA) biosimilar and Glatiramer Acetate Depot, a long-actinginjectable form of the approved glatiramer acetate. Contributing significantly to India’s economy, the pharmaceutical industry is ranked 3rd worldwide in production volume and 14th by value. Projections indicate a soaring industry value of USD 130 billion by 2030, underlining its economic significance. Prioritizing long-term sustainability in business models ensures the widespread availability of essential treatments. Generics stand as pillars of global health, addressing challenges and fostering innovation for a more inclusive and sustainable healthcare future worldwide. The National Health Mission (NHM) operates a free drug initiative aimed at supporting the provision of essential generic medications at no cost in public health facilities.
- Landsteiner is a pharmaceutical company with over 20 years of experience in the Mexican market.
- Using a robust pipeline of drug candidates in development, the company offers affordable and accessible high-quality generic medicines and biosimilars through its subsidiary Sandoz.
- Recent trends in the generic drugs industry include increased consolidation among companies, with larger players acquiring smaller ones to expand their product portfolios.
- Efforts to educate patients and healthcare providers about the benefits of generic medicines can address the preference for branded medications and lack of knowledge, increasing their usage.
- Publicly funded health systems are under amplified pressure to reduce the ever-rising drug budgets.
- With several thousand drugs, including generics, biosimilars, and over-the-counter products, the company offers a wide range of healthcare options.
Expanding Global Footprint
With a robust network of 43 manufacturingfacilities, the company delivers high-quality, cost-effective medicationstrusted by healthcare professionals and patients across more than 100 countriesworldwide. With a focus on innovation and customer satisfaction, Aurobindo Pharma offers a wide range of healthcare products globally. Generic drugs sales are facing increasing challenges in the US, mainly due to pricing pressures. Politicians are beginning to target the high costs of medicine through the inflation reduction act and other ongoing legislation, with undifferentiated generic drugs being targeted for such cost controls. This has led many US and foreign generic drug companies to lower their expectations for growth in the US.
In contrast to branded products, generic drugs have the same API pharmacokinetic and pharmacodynamic properties. It is also bioequivalent to currently available branded drugs but differs in fillers, preservatives, form, packaging, and flavor. Branded drug manufacturers spend money on research and development and ads for their new products, and they are granted a monopoly for a set period. However, when a patent expires, manufacturers may ask the FDA for permission to produce generic drugs. Consequently, generic medications are less expensive than marketed drugs, and almost 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.
Their commitment to producing affordable medicines without compromising quality has reshaped the global pharmaceutical landscape. As these companies continue to innovate, collaborate, and expand their reach, the future promises a more accessible and equitable healthcare system worldwide. The journey of Indian pharmaceutical companies exemplifies a synergistic blend of economic viability and social responsibility, positioning them as true leaders in the pursuit of global health equity. In Africa, the African Medicines Agency (AMA) aims to enhance the continent’s pharmaceutical regulatory environment to ensure that the generic drugs supplied meet international quality standards. The AMA seeks to harmonise the disparate regulatory policies and to streamline the approval processes for generic medicines across member states.
Under this initiative, the government has set up thousands of Janaushadhi Kendras (generic drug stores) to ensure that citizens have access to a wide range of medications at a fraction of the branded drug cost. However, maintaining stringent quality control standards remains a key focus to foster trust and sustained use of these generics. Many people throughout the world do not have access to good health because they can’t afford expensive medicines. Our Generic Formulations business addresses this urgent need by offering more than 200 high-quality generic versions of expensive innovator medicines—at a fraction of the cost—in over 20 countries around the world.
Our experienced industry analysts assess growth opportunities, market sizing, technologies, applications, supply chains and companies with the singular goal of helping you make informed business decisions, free of noise and hype. If you want to find more companies that develop, manufacture, and distribute cost-effective medications you can do so with Inven. Throughclose collaboration with a network of trusted partners in development,manufacturing, and distribution, STADA consistently enriches its Genericsportfolio. In 2023, notable additions included the anticoagulant apixaban, thediabetes medication sitagliptin, and the analgesic tapentadol.
Orion is a pharmaceutical company that offers a wide range of generic prescription drugs, self-care products, and innovative medicines. They specialize in the development, manufacturing, and marketing of high-quality pharmaceuticals for various medical conditions. Sandoz (Novartis) Sandoz, a division of Novartis, stands as a leading global player in generic pharmaceuticals and biosimilars. Renowned for its expansive portfolio of high-quality and affordable generic medications, the company has firmly established its presence in Europe, the United States, and Japan. The growing demand for cost-effective drugs in the European region primarily drives market growth.
Founded in 1983, Sun Pharmaceutical Industries Ltd. (Sun Pharma) is one of the world’s largest specialty generic pharmaceutical companies with over 40 manufacturing facilities. Cardiology, psychiatry, neurology, gastroenterology, ophthalmology, and psychiatry are some of the therapeutic areas where the company is a significant player. With operations in over 100 countries, Sun Pharma is a global company, with a well-positioned presence in markets, such as the United States, Europe, Japan, and India. Apotex is a global pharmaceutical company that offers a wide range of generic and over-the-counter medications. They are committed to providing affordable and high-quality healthcare solutions to improve the lives of people worldwide. Teva Pharmaceutical Industries Ltd. is a global leader in generics and biopharmaceuticals, dedicated to improving the lives of patients worldwide.
Once a brand-name drug’s patent expires, other manufacturers can produce generic versions, increasing accessibility to affordable medications for consumers. Thecorporation offers over 1,600 commercial products spanning a wide spectrum ofillnesses and therapeutic areas. These include anti-retrovirals and treatmentsfor tuberculosis, acute and chronic generic drugs, branded medications,specialized sterile products (such as those for thrombosis, oncology, andanesthesia), emergency medications, and vaccines. FreseniusKabi offers an extensive range of intravenously administered generic drugsspanning various therapeutic categories including oncology, anesthetics &analgesics, anti-infectives, and critical-care medications. Asthe 10th largest generics company in the United States, Sun Pharma possesses aformidable research and development infrastructure, equipped to developtechnologically advanced products in both generics and specialty segments.