Source: Emailwire Global Press Release Newswire – Press Release/Statement:
Headline: Generic Drugs, a better replacement for prescribed branded drugs
(EMAILWIRE.COM, March 23, 2018 ) Generic Drugs are medications that have an equivalent chemical composition and possess similar performance characteristic to its branded variants. In contrast to blockbuster or branded medicine, generic medicines are marketed by the name of its chemical sans promoting titles. Generic medicine is also referred to as abbreviated medicine. To sell these medicines, a drug producing company should submit an Abbreviated New Drug Application for approval.
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The global Generic Drugs Market is estimated to have a value of USD 395.2 billion in 2016. With a CAGR of 10.5%, the market size is expected to grow rapidly to cross USD 652.6 billion by 2021. Factors such as long expiry date and outsourcing are driving the market in the past few years and is anticipated to continue the same in the forecast period.
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Generic Drugstore is going to gain USD twenty five billion by 2020. Despite high development prices, the biosimilar section is probably going to witness high growth owing to the rising variety of off-patent biological medicine. The expansion of this sector is attributed to the positive outcomes of current clinical trials and therefore leading to the growing demand for biosimilar in several therapeutic applications.
Generics are less costly than brand alternatives while being even as effective. Studies show that patients stand to learn from turning to generic alternatives rather than brand prescription drugs. U.S. patients pay around $300 billion a year on brand-name medicine. The retail value of one prescription average $714. Brand-name medicine account additionally for 73 % of retail drug payment despite the fact that they solely comprise 11% of all client prescriptions.
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North America dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific is predicted to grow considerably attributable to developing countries like India, China and Japan establishing pathways for approvals of generic medicine and their untapped market potential.
The major market contributors for the global Generic Drugs Market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddys Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical.
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Source: EmailWire.Com
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