A generic drug is a pharmaceutical product which is a bio-equivalent of the branded drug and is normally manufactured after the expiration of the patent rights of the branded one. Over the past few decades, the global market for generic drugs has evolved considerably and currently represents a global multi-billion dollar market. The growth of the generic drug market has expanded primarily due to several factors. Owing to the low research and development requirements, the costs involved in developing and manufacturing a generic drug is significantly lower as compared to a branded drug. This allows generic drug manufacturers to price their products significantly lower compared to branded drugs.
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IMARC Group, a leading market research company based in India, finds that the market has grown at a CAGR of around 10% during 2010-2015. According to its latest report entitled “Generic Drug Manufacturing Plant Project Report: Industry Trends, Manufacturing Process, Machinery, Raw Materials, Cost and Revenue”, healthcare costs on account of rising aging population and an increasing prevalence of chronic diseases have been rising robustly across the globe. Substitution of low-cost generic drugs for innovator products has proved to be a successful strategy in reducing healthcare costs. As a result, Governments and healthcare providers in both developed and emerging markets have identified the growth of the generic market as imperative to their country’s long-term economic health.
The report provides a comprehensive analysis on the global generic market and has segmented this market on the basis of key regions. The report finds that the US currently represents the world’s biggest market for generic drugs, followed by China, Europe, India, Brazil, and South Korea. The report also expects that driven by patent expiries of a number of blockbuster branded drugs and the huge cost savings that can be potentially achieved from the utilisation of generics, the market for generic drugs will witness strong growth in both developed and emerging markets.
Findings from the report also suggest that the market for generic drugs has low concentration with low entry barriers encouraging a number of new players to enter this market. As a result, the market is highly competitive with a significant price erosion. Some of the larger players in this market such as Teva Pharmaceuticals, Novartis, Actavis, Mylan, Sun Pharmaceuticals, etc. are, however, still able to maintain a high profitability as a result of global diversification and launching speciality products.
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This new report provides a comprehensive understanding on the dynamics of the global generic drug market. The study effectively provides both macro and micro elements of the industry like market drivers, challenges, competitive landscape, pricing, key regions, manufacturing process, raw material requirements, project cost, project economics, machinery details, value chain, expected returns on investment, profit margins, etc. This report can act as an excellent tool for anyone who plans to enter the generic drug market.
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