(Australia-NewsWire.Com, December 13, 2017 ) According to the report Asia Pacific Generic drugs market, published by Market Data Forecast, The Market was worth USD 38.04 Billion in 2015 and estimated to reach USD 67.04 Billion by 2021 with a growing potential of 12.0 %.
Generic drugs are copies of branded drugs which have exactly same composition, intended use, effects, side effects, risks, safety, and strength as the genuine drug. An example of a generic drug for diabetes is metformin. They are cost effective compared to branded drugs.
Generic drugs are also known as abbreviated drugs. To sell a generic drug manufacturing company must submit an Abbreviated New Drug Application for approval. The Drug Price Competition and Patent Term Restoration Act of 1984, mostly known as the Hatch-Waxman Act, made ANDAs feasible by creating a compromise in the drug industry. Generic drug companies have obtained greater access to the market for prescription drugs, and branded companies have obtained restoration of patent life for their drugs lost during FDA's approval process.
The cost-effectiveness of abbreviated drugs has given it a competitive lead over branded drugs in the market. Key driving factor for generic drugs is patent expiry for branded drugs. Patent for Branded drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150 Billion worth of patents for branded drugs will expire by 2020 which will give generic drugs a huge advantage. One more trend which influences market growth is outsourcing. Presence of some key players in this market and developing economies are some driving factors in this region. Vendors are using outsourcing as a strategy to reduce their capital which will be an advantage to generic drugs. Only restraint for this market is rigid rules setup by FDA for approval of these drugs and the threat of counterfeit drugs.
Asia Pacific Generic Drugs Market: Segmentation • Type o Biosimilars o simple generics o Super generics o Y-o-Y Growth Analysis, By Product o Market Attractiveness Analysis, By Product o Market Share Analysis, By Product • Therapeutic drugs o Cardiovascular Products o Anti-infective Drugs o Anti Arthritis Drugs o Central Nervous System Drugs o Anti Cancer Drugs o Respiratory System Drugs o Others
• Geographical Analysis o Asia Pacific • China • India • Japan
Key players in this market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others. Buy now @ https://www.marketdataforecast.com/cart/buy-now/asia-pacific-generic-drugs-market-2186
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