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The super generic drugs market is estimated to be worth $38 billion in 2019 and is expected to grow at CAGR of 12% during the forecast period.
In 2018, it was estimated that the availability of low-cost, generic versions of pharmaceutical interventions saved nearly USD 1.6 trillion in healthcare costs in the US over the last decade. Given the cost benefits offered, generic medicines usually have high adoption rates. Moreover, upcoming patent expiries of several blockbuster drugs, such as LYRICA®, Cialis®, Advair® and Sensipar®, have intensified the interest of several drug manufacturers in the development of generics. As more generic drugs get approved by regulators across the globe, the competition in the industry has steadily increased. Interestingly, in 2018, the US FDA approved more than 780 generic products, which represented more than 90% increase in the number of such drug approvals since 2014. The most evident impact of the growth in competition in this domain is deflation of cost of generics, resulting in diminished profit margins for the developers of such products. Therefore, to ensure sustainable growth within the off-patent drug products market, companies are gradually adopting innovative drug alteration techniques in order to develop value added medicinal products, which offer better commercial benefits.
The availability of several advanced drug development and technology platforms have enabled the fabrication and formulation of improved versions of existing drug products. Such modified pharmacological interventions are commonly referred to as supergenerics / complex generics / value-added generics. Although supergenerics are based on the same mechanism of action as that of the original drug, these versions usually have certain additional attributes, such as a new active ingredient, improved manufacturing process, alternative dosage regimen, modified release properties or different formulation. Typically, such drugs are granted a form of marketing exclusivity (for a period of 3-7 years ), enabling their developers to generate relatively higher profit margins, compared to conventional generics. Moreover, the development of value added generics is generally directed at certain unmet clinical needs, which may have been unaddressed by previous versions of the drug. In addition, the approval process for such products is not as complicated; in the US, value added medicines are evaluated under the FDA’s 505(b)(2) pathway. This evolving segment of the pharmaceutical industry has also witnessed a surge in the availability of technology providers, offering a diverse range of platforms / solutions to support the development of supergeneric drugs. After a detailed analysis of prevalent trends, we are led to believe that value-added generic products market is poised to witness significant market growth during the forecast period.
Examples of key generic pharmaceutical companies engaged in generic drugs industry (which have also been profiled in this market report; the complete list of generic pharmaceutical companies is available in the full report) include Ascendia Pharmaceuticals, CritiTech, Crossject, DelSiTech, Heron Therapeutics, Intellipharmaceutics International, Kashiv BioSciences, Latitude Pharmaceuticals, Mayne Pharma, Neurelis, Rubicon Research, Taiwan Liposome Company and tesa Labtec. This market report includes an easily searchable excel database of all the generic drug companies providing generic drugs, worldwide.
Several recent developments have taken place in the field of generic drugs industry. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The ‘Super Generic Drugs Market: Focus on Value-added Medicines / Supergenerics, 2019-2030’ market report features an extensive study of current market landscape, generic drugs market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the super generic drugs market.
Amongst other elements, the super generic drugs market research report features:
The key objective of super generic drugs market report is to provide a detailed market analysis in order to estimate the existing generic drugs market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for generic drugs market during the forecast period. Based on several parameters, such as size of the super generic drugs market, share of supergenerics within the generic drugs market and expected annual growth rate across various geographies, we have provided an informed estimate of the likely evolution of the market, in the mid to long term, for the forecast period 2019-2030. The chapter also presents a detailed market segmentation across [A] different therapeutic areas (autoimmune disorders, cardiovascular disorders, CNS disorders, metabolic disorders, oncological disorders, pain disorders, respiratory disorders and others), [B] routes of administration (parenteral, intravitreal, oral, topical and others) and [C] key geographical regions (North America, Asia-Pacific, Europe, South America, and Africa and Middle East).
In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth. All actual figures have been sourced and analyzed from publicly available information forums. Financial figures mentioned in this market research report are in USD, unless otherwise specified.