03 July 2020
Visiongain has launched a new report Generic Drugs Market Report 2020-2030: Growth in Leading Regional and National Markets (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America, US, Canada, Germany, France, UK, Italy, Spain, India, China, Australia, South Korea, Japan, South Africa, Saudi Arabia, U.A.E, Brazil, Argentina, Mexico, Teva, Novartis, Mylan, Pfizer, Abbott, Sun Pharma, Aspen, Fresenius Kabi, Sanofi, Dr. Reddy’s Laboratories Limited, Apotex).
The global generic drugs market is estimated at US$xyz billion in 2020 and is projected to reach at a CAGR of xyz% during forecast period 2020-2030 to grow at a market value of US$xyz billion by 2030, taking into account assumptions for V-shaped economic conditions. Visiongain has published this report at a time when the pharmaceutical industry is facing potential challenges and changes which will bring seismic changes to the industry in the next decade. The worldwide COVID-19 pandemic breakout and economic recession has led to a profound impact on this industry that is normally resilient to the regular ups and downs of commercial life. Apart from the painful process of cost cutting and restructuring, the industry had to confront with a disruptive trading environment which has fundamentally changed as customers are now more cost-conscious than ever before.
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Increasing Acceptance of Generics amongst Consumers
Generics drugs are the same in bioequivalence to the brand name drug in terms of the dosage, strength, and route of administration but, they are considerably less expensive than the brand name drugs. Certainly, this is the reason for the lower cost of these generic drugs and thus, increasing the affordability and availability of these drugs in the market. Along with that increased knowledge of generic drugs has helped in increasing the acceptance of generics among consumers. Moreover, healthcare professionals (doctors and pharmacists) play an important role in the acceptance of generics amongst the consumers by making them aware of the correct usage and working of the generic drugs.
Impact of COVID-19 on Pharma Supply Chains
As countries and companies continue to face the unparalleled challenges posed by the novel corona virus (COVID-19), confusion has emerged surrounding the effects of the COVID-19 pandemic on the supply chains of global pharmaceutical industries. The concerns were compounded by the fact that in China, the world’s leading manufacturer and exporter of active pharmaceutical ingredients (API) by volume. Many global pharmaceutical companies import the bulk of their raw materials from China, which experienced lockdown from January 2020 through March 2020.
Disruption of Clinical Trials
Countrywide lockdowns have significantly affected the clinical production of new drug therapies. Pharmaceutical companies and research institutions have opted to de-prioritize and cancel clinical trials or delay enrolment. Mid-cap and large-cap firms have delayed trial enrolments on a case-by-case basis. But small-cap firms, because of a limited number of active clinical trials, delays may occur across the board.
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As lockdowns were imposed in all the countries, diagnosis rates went down in majority of countries during the year hitting the drug sales for some period. Although lockdown measures have been eased up in most countries by mid-year 2020, this trend is expected to continue beyond 2020, stock up of medicines by patients is likely to propel the drug sales in majority of the developed economies, which account for majority of rare diseases.
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