April 2021

Dublin, April 28, 2021 (GLOBE NEWSWIRE) — The report “Generic Drugs Market in the United States by Segment (Generic, Branded), Therapeutic Application, Company Analysis and Forecast” has been added to from ResearchAndMarkets.com offer.

The US generic drug market will reach US$239.5 billion by 2026.

Generics are an off-patent drug that is the pharmaceutical equivalent of brand name drugs in terms of administrative dosage, quality, effect, intended use, and side effects. In the United States, the production of generic drugs has increased because they are cheaper than any brand name drug. Over the past 3 decades, the US generic drug market has grown from less than 20% of generic drug prescriptions to 80% of generic drug prescriptions.

Generic drugs help sustain the country’s healthcare system, from curing patients to saving money. Currently, the price of off-label drugs is 70 to 80% lower than that of brand name drugs. In the United States, the decline in the price of drugs is the main catalyst for the growth of the generic drugs market. The prices of these generic drugs have sometimes dropped up to 85% less than the patented drugs; this happens when various generic drug companies target a single patented drug. the research findings suggest that the US off-label drug market will grow with a CAGR of 5.69% in the future from 2020 to 2026.

The United States government’s awareness of the use of generic drugs is reducing overall healthcare expenditures in the country. The FDA’s Office of Generic Drugs (OGD) within the Center for Drug Evaluation in Research ensures Americans have access to safe, high-quality, and affordable drugs. The US government has passed a generic drug law, allowing a new player to enter the market. Besides factors such as increasing number of patients with diabetes, Alzheimer’s, heart disease, growing number of drug patent expirations and government initiatives that are expected to boost the generic drug industry.

According to this research study, the US off-patent drug market was US$171.8 billion in 2020.

Offers from generic drug manufacturers

On July 6, 2020, Endo announced that it had received FDA approval for Qwo (collagenase clostridium histolyticum-aaes). Another company, named Lupine Limited, manufactures the generic drug Abacavir & Lamivudine, the combination of which is used with other drugs to treat Human Immunodeficiency Virus (HIV) infection. The editor covered the initiatives of companies that sell various generic drugs in the United States.

Companies covered in the report are Teva Pharmaceutical Industries Ltd, Mylan NV, Sandoz Inc, Endo Pharmaceuticals, Lupine Limited, Dr Reddy’s and Sun pharma.

Main topics covered:

1. Introduction

2. Executive Summary

3. Market dynamics
3.1 Engine of growth
3.2 Challenges

4. Drug market in the United States
4.1 Branded Drugs Market
4.2 Generic Drugs Market

5. Generic drug economy in the United States

6. Market Share – Drug Analysis in United States
6.1 Branded drugs vs. generic drugs
6.2 Branded Generic Drug vs Non-Branded Generic Drug
6.3 Volume Penetration – Generic and Branded Drugs
6.4 Therapeutic application

7. Generic Drugs Market in United States
7.1 Branded Generic Drugs Market
7.2 Non-Branded Generic Drugs Market

8. Therapeutic Application – Generic Drugs Market in United States
8.1 Central Nervous System (CNS)
8.2 Cardiovascular
8.3 Dermatology
8.4 Genitourinary/hormonal drugs
8.5 Respiratory
8.6 Anti-infectives
8.7 Oncology
8.8 Others

9. Business Analysis
9.1 Overview
9.2 Product launch
9.3 Financial overview

• Teva Pharmaceutical Industries Ltd
• Mylan AG
• Sandoz inc.
• Endo Pharmaceuticals
• Lupine Limited
• at Dr. Reddy’s
• Solar pharmacy

For more information about this report visit https://www.researchandmarkets.com/r/o88uql

A move to help people lower their medical bills by allowing access to generic versions of expensive branded drugs led Ankur Agarwal to establish Medkart Pharmacy in Ahmedabad along with Parasharan Chari and Parthiv Shah.

The medtech startup was created in September 2014 to promote inexpensive generic medicines certified by the World Health Organization’s Good Medical Practices (WHO GMP) and make them available to patients.

Ankur says people can reduce their medical bills by 60-70% by buying generic drugs from Medkart’s chain of over 70 stores in Gujarat including places like Mahuva, Navsari, Ahmedabad, Vadodara, Surat, Jamnagar, Valsad and Silvassa.

According to experts, many drugs available in India are generic versions manufactured at low prices, but the cost advantage does not reach the buyer as big pharmaceutical companies sell them at high prices.

A generic drug is a drug that has the same dosage, safety, strength, route of administration, quality, performance characteristics, and intended use as an already marketed brand name drug. Since a generic drug is not a new drug, manufacturers do not have to incur the expense of developing and marketing it. they can seek permission to manufacture and sell generic versions when the drug’s patent expires.

The eureka moment

What sparked Ankur’s interest in generic drugs was his father-in-law’s dialysis treatment following surgery in December 2013 that required him to take an injection costing 1,300 rupees a week for a year – an expensive affair.

“After a few doses were given, I searched for the particular injection in Ahmedabad and found that some people were willing to sell them at Rs 800-900,” says Ankur. “These cheaper injections had the same content and the same molecules as the one prescribed, but since they were generic, their prices were almost half. That’s when I found out about generic drug channels and decided to find out more about them. »

He learned that if the injections were purchased in bulk, the cost could be less than half.

Initially, Ankur had planned to launch an e-pharmacy. But “it was not easy to explain cheaper substitutes to consumers; it was a time-consuming process,” he says.

At that time, Ankur was the CFO of the education company Endeavour, where Parasharan served as COO. Their common connection, Parthiv, had worked in the pharmaceutical industry for a decade and had experience and knowledge of its various aspects. It wasn’t long before they teamed up to launch Medkart in 2014. Parasharan joined the startup full-time three years after it was incorporated and helped grow the brand.

Now, Medkart sells generic versions of the injection which was prescribed to Ankur’s father-in-law at Rs 300.

Ankur and Parasharan have been colleagues for about 13 years now and know each other’s working style as they were in the same strategic teams in their previous projects.

“The process of finding co-founders was smooth because we all have a common vision, which is to make generic drugs available at the best price and to educate customers to buy smart and right,” says Ankur.

Currently, Medkart is managed by a team of 275 people.

Understand the market

Parasharan says that after the formation of Medkart, as founders, they tried to understand how people bought drugs.

“Generally, retail stores sell the same brand of medication as prescribed by the doctor,” he says. “The difference we try to make is by checking if there are other branded drugs with the same molecules. After checking, we offer the best deals possible and try to ensure that the quality is not compromised and that the drugs are approved by the WHO.

For example, if a customer has a prescription that has a few brand name drugs listed, Medkart tries to inform them of other available drugs that are of the same quality and are cheaper, he explains.

“Drugs available at a lower price come from GMP-approved brands, which means they will have similar standards across the country,” he adds.

Some of the companies that work in the same field as MedKart are Generico, Dava India and Generic Aadhaar funded by Ratan Tata.

“But no brand can match the services provided by Medkart and there is no direct competition,” says Ankur.

The startup has physical stores and also uses an omnichannel approach, in which customers in Gujarat can check on its mobile app for drug availability and place orders for delivery.

Ankur says Medkart caters to around one lakh customers every month and recorded revenue of Rs 60 crore for FY21. According to the startup, its low-cost generic drugs have so far saved customers a total of Rs 1,100 crore.

Focus on greater penetration

Medkart has been started so far with funds from family and friends. The initial seed capital of Rs 20 lakh was used to set up the first store and fund the back-end operations.

The startup is in talks with strategic investors and plans to increase its number of stores to over 250 in Gujarat over the next 18 months.

Acumen Research and Consulting, a global market research provider, in a recently released report titled “Generic Drugs Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027 »

LOS ANGELES, April 01, 2021 (GLOBE NEWSWIRE) — The Global Generic Drugs Market is expected to grow at a CAGR of around 11.1% over the forecast period 2020 to 2027 and reach around US$627.6 billion by 2027.

Rising generic drug R&D activities and increasing healthcare expenditure are major factors that are expected to drive the growth of the global generic drug market.

The North America market is expected to account for a major revenue share in the global generic drugs market owing to the availability of advanced healthcare infrastructure. The increasing number of patients with chronic diseases and the government is focused on reducing the cost of health care for consumers. It spends a lot on the development and promotion of generic drugs. Generic drugs generated $253 billion in savings for patients and taxpayers in 2016. Over the past decade, the US healthcare system has saved $1.67 trillion through the availability of low-cost generics . Savings for the two largest government health care programs, Medicare and Medicaid, totaled US$77 billion and US$37.9 billion, respectively in 2016.

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This means that each Medicare enrollee saved an average of $1,883, while each Medicaid enrollee saved an average of $512. US regulators are focused on bringing safe, effective, and high-quality generic alternatives to market, creating more affordable treatment options for patients. The introduction of innovative drugs by the players is expected to support the growth of the regional generic drugs market.

In 2021, Ajanta Pharma Limited, a drug manufacturing company, received approval for ‘Northera (Droxidopa) Capsules’, a generic drug. The drug is focused on the treatment of postural dizziness or lightheadedness in adult patients with symptomatic neurogenic postural hypotension.

In 2021, Unichem Laboratories Limited, a generic drug manufacturing company, received approval for “Otezla (Apremilast) Tablets”, a generic drug. The drug is intended for the treatment of adult patients with moderate to severe plaque psoriasis.

The Asia-Pacific market is expected to witness faster growth in the generic drug market in the coming years owing to high government healthcare expenditure. Key players’ approach to boosting business in emerging economies and focus on moving manufacturing units to developing countries for low-cost product development are factors that are expected to boost the growth of the drug market generics. Further, the players are focusing on the strategic partnerships and agreements to strengthen the distribution channel is expected to support the growth of the target market.

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The cost of branded drugs is skyrocketing while the rising cost of healthcare facilities is driving the demand for generic drugs, which is a major factor expected to drive the growth of the global generic drugs market. Generic drugs are usually manufactured at a lower cost, which also reduces the price of the final product. The increase in the number of people suffering from chronic illnesses and the high cost of drugs are having an impact on the patient care system. Increasing government awareness activities regarding generic drugs among consumers and emphasis on strengthening the distribution channel are factors that are expected to impact the growth of the target market.

According to the Generic Pharmaceutical Association, generic drugs accounted for 88% of all prescriptions dispensed at retail in the United States in 2014, while consuming only 28% of total drug spending. The use of generics, when available, is estimated to have saved the US healthcare system US$1.68 trillion between 2005 and 2014, including US$254 billion in 2014 alone. The government’s emphasis on high spending on generic drug development and providing innovative drugs to consumers is expected to increase the growth of the target market. Factors such as stringent government regulations related to product approval and adverse drug reactions are expected to hamper the growth of the global generic drugs market.

Also, the lack of consumer awareness of generic drugs is expected to challenge the growth of the target market. However, high investments by major players, increase in clinical trial activities and growing demand for new generic drugs are factors that are expected to create new opportunities for players operating in the generic drugs market during the period. forecast. Additionally, increasing number of licensing strategies and partnerships to launch new products is expected to support the target market revenue transaction.

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The global generic drugs market is segmented into product type, application, route of administration and distribution channel. The application segment is divided into cardiovascular products, anti-infective drugs, arthritis drugs, central nervous system drugs, cancer drugs, respiratory products and others. Among the applications, the cancer drug is expected to grow faster in the generic drug market.

The distribution channel segment is divided into hospitals, pharmacies and others. Among the distribution channels, the hospital segment is expected to account for a major share of revenue in the global market. The players operating in the global generic drugs market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., ALLERGAN, Sandoz International GmbH, Mylan NV, STADA Arzneimittel AG, Baxter International Inc., Eli Lilly and Company, GlaxoSmithKline Plc. and Pfizer Inc. The market is highly competitive owing to the presence of a large number of players operating globally.

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