Sandozboasts a diverse global portfolio comprising approximately 1,500 high-qualitybiosimilar and generic medications. Annually, it delivers over 800 milliontreatments to patients, resulting in over USD 18 billion in direct savingsacross the US and Europe. This not only enhances healthcare accessibility butalso facilitates resource allocation, leading to an estimated annual socialimpact of around USD 400 billion worldwide. In the labyrinth of thepharmaceutical industry, where towering patents and complex research dominate,generic drug companies emerge as beacons of hope and equity. Unlike their brand-namecounterparts, generic drug manufacturers focus not on inventing new moleculesbut on replicating existing ones once patents expire.

Does this report include the impact of COVID-19 on the generic drugs market?

By offering lower-cost alternatives to expensive medications, it helps reduce healthcare costs and improves accessibility for patients. Generics and biosimilars are crucial in providing affordable and effective treatments for various diseases. According sorafenib price in malaysia to the World Health Organization (WHO), 90% of essential medicines are off-patent, allowing generic and biosimilar manufacturers to enter the market and develop these medicines at a lower cost, potentially introducing competition and increasing supply.

Strategies for Expanding Access

Sun Pharma, based in India, is among the largest and most influential generic drug manufacturers globally. The company has a strong presence in various therapeutic segments and operates in numerous countries. Abbott Laboratories is a worldwide medical device and healthcare corporation based in Abbott Park, Illinois, United States. Abbott’s main business is the research, development, manufacturing, and distribution of a wide range of healthcare products. Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices are the four reportable segments for Abbott.

• While Indian pharmaceutical companies have made remarkable strides, they face challenges such as patent issues, regulatory complexities, and the need for continuous innovation.
• The role of Indian pharmaceutical companies in improving healthcare access worldwide through high-quality generic drugs is commendable and pivotal.
• They offer a wide range of generic drugs with the same active ingredient, concentration, pharmaceutical form, and therapeutic indication as the innovator drug.
• We are your trusted research partner, providing actionable insights and custom consulting across life sciences, advanced materials, and technology.
• IMARC Group is a leading market research company dedicated to providing data-driven insights and expert consulting services to support businesses in achieving their strategic objectives across diverse industries.
• Her mission to educate business owners in all aspects of market analysis flows through the expert industry coverage she provides.
• Secondly, they have built robust manufacturing capabilities, ensuring high-quality and cost-effective production.

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Geolab is committed to providing affordable and high-quality medications to improve people’s health and well-being. Ciplais a global pharmaceutical enterprise deeply committed to enhancingaccessibility and affordability of medications for individuals in need. Itsdiverse product portfolio encompasses complex generics and medicationstargeting respiratory, anti-retroviral, urology, cardiology, anti-infective,CNS, and various other critical therapeutic segments. With an extensive rangeof offerings, the company is focused on strengthening its presence in keydomestic markets such as India, alongside South Africa, North America, andother pivotal regulated and emerging markets.

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• They’re considered the most effective because the drug’s bioavailability is higher through this route than the others.
• As these companies continue to innovate, collaborate, and expand their reach, the future promises a more accessible and equitable healthcare system worldwide.
• Specializing in prescription medicines, vaccines, and consumer healthcare products, GSK offers a diverse portfolio spanning respiratory, HIV, oncology, and vaccines.
• Liraglutide is a glucagon-like peptide-1 (GLP-1) agonist, which has recently become a highly sought-after class of drug, with much media attention.
• The company’s overarching objective is to assume a prominent globalposition in generics, pioneering medicines, and biopharmaceuticals, therebyenhancing patient well-being.
• The FDA generic drug program conducts a thorough review before approving the medicines to ensure they meet these requirements.
• Is a pharmaceutical company established in 2015 specializing in drug production and food supplementation.

Recognized as adependable and reputable ally, the company maintains a robust product pipeline,with over 2,500 approval procedures encompassing more than 200 activepharmaceutical ingredients and combinations in over 60 countries as of December31, 2023. This diverse portfolio includes significant generics alongside a widearray of consumer healthcare products and specialty pharmaceuticals. Notably,in the Generics segment, STADA introduced Sugammadex, Fampridin, and Apixabanin 2023, providing healthcare practitioners and patients with additionaltherapeutic options. In summary, generic medicines are indispensable for sustaining healthcare systems, especially in Europe where costs are rising.

Top 10 Companies in Generic Drug Market in 2024

• With their online distribution system and distribution portal, they provide 24/7 access to their products.
• We anticipate growth for generics in all global regions in 2024, with growth outside of China being led by the US, India, Italy and Germany in absolute value terms.
• The generics industry is positioned to enhance access to essential health products in low- and middle-income countries.
• Teva Pharmaceutical Industries Ltd. is a global leader in the generic drug market, with a history dating back to 1901.
• Ritedose is a leader in aseptic production of sterile, single-dose medication for the contract development manufacturing, generics, and 503B outsourcing markets.
• Companies in this industry prioritize efficiency to create affordable and readily accessible alternatives to innovator drugs without compromising quality.

Generic drugs are medicinal products that can be manufactured and marketed by entities other than the innovator company once the original patents have expired. These drugs are bioequivalent to their brand-name counterparts, offering the same therapeutic benefits but at a fraction of the cost. Valmorca offers a wide range of pharmaceutical products and aims to provide high-quality medications to the community.

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Ritedose is a leader in aseptic production of sterile, single-dose medication for the contract development manufacturing, generics, and 503B outsourcing markets. With over 27 years of experience, Ritedose has delivered more than 10 billion doses since 2012 without any interruptions, demonstrating a commitment to precision and reliability. Generic medicine manufacturers can develop business models prioritizing long-term sustainability, and balancing commercial viability with approaches that increase access to medicines. Discover the top 20 fine chemicals companies offering tailored solutions for pharmaceuticals, crop protection, and specialty polymers.

Companies have potential to register more of their essential products in LMICs

Non-communicable diseases (NCDs) such as cardiovascular disorders, chronic respiratory diseases such as COPD and asthma, malignancies, and diabetes are the most common. Rapid unplanned urbanization, globalization of unhealthy lifestyles, and an aging population drive these diseases. Chronic diseases necessitate long-term therapy and marketed medications are prohibitively costly. According to the National Health Interview Survey (NHIS), approximately 51.8 % of US adults have one chronic illness, while approximately 27.2% have several chronic conditions.

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The analysis reveals areas where companies can focus their attention as they step up efforts to expand access to their essential medicines. Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. The Diagnostic Products segment contains a diverse range of diagnostic systems and tests that are produced, marketed, and sold around the world. If you want to find more companies that specialize in producing affordable generic medications you can do so with Inven.

Novartis AG [Annual Revenue: USD 46.66 Billion]

The presence of notable generic drug manufacturers in Europe, such as Teva Pharmaceutical Industries Ltd., Mylan NV, and Novartis International AG, favors the growth of the generic drugs market. The cost-effectiveness of generic medications has increased demand for the generic drugs market. Generic drugs increase competition in the industry, leading to a drop in prices and more people being prescribed generic drugs by healthcare providers. Generic drugs are 85 % less expensive than conventional drugs, so in the United States, 9 out of 10 prescriptions are filled with generic drugs, saving almost $2.2 trillion over the past decade. These are long-term illnesses caused by genetic, environmental, behavioral, and psychological factors.

Krka is an international pharmaceutical company and one of the leading generic manufacturers worldwide. Macleods Pharma is a pharmaceutical company that offers a wide range of high-quality generic and branded drugs. With a focus on research and development, they provide innovative and affordable healthcare solutions to improve the well-being of individuals globally.

RECENT HAPPENINGS IN THIS MARKET

The generic pharmaceuticals industry is a sector that focuses on the development, manufacture, and sale of generic drugs. Generic drugs are medications that have the same active ingredients as brand-name drugs, but are typically sold at a lower price. This industry is crucial in providing affordable healthcare options to patients around the world.Within this industry, there are various companies that specialize in producing and distributing generic medications. These companies play a vital role in ensuring the availability of cost-effective alternatives to brand-name drugs. As healthcare costs continue to rise, the industry is expected to continue expanding in order to meet the needs of patients and healthcare providers. The industry is also witnessing advancements in manufacturing techniques and the introduction of biosimilar products, further contributing to its growth.

They boast a diverse portfolio of over 1,400 molecules and maintain a strong presence in over 160 countries. Viatris’ focus on affordability and accessibility aligns well with the growing demand for generic drugs worldwide. The Established Pharmaceutical Products segment encompasses a broad range of branded generic medications made around the world and marketed and sold in emerging markets outside of the United States. Depending on the market covered, Abbott-owned distribution centers and public warehouses sell these items directly to wholesalers, distributors, government agencies, health care facilities, pharmacies, and independent retailers. Certain products are co-marketed or co-promoted with other companies or are licensed from them.

Expanding Access to Medicines: The Role of Generics in Emerging Markets

• They can now work to significantly enhance their efforts by acting on the opportunities and the tailored recommendations set out in their respective company profiles.
• Of the medicines classed as “essential” by the World Health Organization (WHO), 90% are off patent, including treatments for cancers, heart disease, epilepsy, diabetes, maternal haemorrhage, bacterial infection, tuberculosis, malaria and HIV.
• This demand is further fueled by investments in production and development, exemplified by initiatives like California’s partnership with Civica Rx to produce affordable insulin.
• Chronic diseases necessitate long-term therapy and marketed medications are prohibitively costly.
• Operating primarily under a business-to-business model, they have a track record of delivering long-term value to employees, shareholders, and investors.
• This growth is anticipated to be particularly strong in the Asia-Pacific (APAC) region (10% in 2024 to USD246bn), led by Mainland China and supported by wider demographic shifts and economic growth.

These drugs undergo stringent testing to ensure they are bioequivalent to their branded counterparts, offering the same safety and efficacy. Once a brand-name drug’s patent expires, other manufacturers can produce generic versions, increasing accessibility to affordable medications for consumers. Thecorporation offers over 1,600 commercial products spanning a wide spectrum ofillnesses and therapeutic areas. These include anti-retrovirals and treatmentsfor tuberculosis, acute and chronic generic drugs, branded medications,specialized sterile products (such as those for thrombosis, oncology, andanesthesia), emergency medications, and vaccines. FreseniusKabi offers an extensive range of intravenously administered generic drugsspanning various therapeutic categories including oncology, anesthetics &analgesics, anti-infectives, and critical-care medications. Furthermore,Viatris plays a crucial role in the manufacturing of complex pharmaceuticals.These are medications characterized by complex active ingredients,formulations, delivery routes, or drug-device combinations.

With a focus on affordability and accessibility, Mylan expanded its reach worldwide, particularly in emerging markets. In 2020, Mylan merged with Upjohn to form Viatris Inc., marking the end of its independent existence. Aspen Pharmacare Holdings Ltd (Aspen) is a prominent supplier of specialty and generic pharmaceuticals for the treatment of various acute and chronic ailments. Aspen Pharmacare has a robust quality management system and adheres to strict regulatory compliance standards and is approved by multiple regulatory agencies on a global level. Aspen’s generic drugs provide a cost-effective option for patients, thereby enhancing accessibility to its products for a broader population, particularly in emerging markets.

Growing Patient Population of Chronic Diseases

They have also expanded internationally, with presence in 20 countries in Africa and the Middle East. Notable contributions include 40% of generics in the U.S., 25% in the U.K., 60% of global anti-retroviral drug supplies, and fulfilling 30% of UNICEF’s annual requirements. This initiative establishes dedicated outlets known as Janaushadhi Kendras, which provide generic medicines at economical rates, thereby enhancing accessibility to essential healthcare treatments. In November 2023, US President Joe Biden announced a strategic pivot towards reducing dependence on foreign-made drugs and Active Pharmaceutical Ingredients (APIs), highlighted by a USD35mn investment in domestic API production. While such policies have the potential to increase domestic production of essential medicines, it will not be sufficient to cover an increasing list of generics shortages.