Generic drugs are bioequivalents and offer the same benefits and drawback as the branded drugs, at an affordable price. The US generic drug market has witnessed a significant growth in recent years, driven primarily owing to the patent expiry of branded drugs.
The United States represents the world’s biggest and most important market for pharmaceuticals and around 80% of the prescription drugs consist of generic drugs. These drugs are bioequivalent; they offer the same dosage, strength, quality, form, effect, intended use, side effects, route of administration, therapeutic effect, etc., as their branded counterparts. This helps in assuring that the medicines are safe and effective for the consumers. The latest report by IMARC Group, “US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the US generic drug market has grown at a CAGR of more than 13% during 2010-2016, reaching a sales volume of more than 4000 Million prescriptions.
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Highlights of the US generic drug market:
Generic drugs are bioequivalents and can be obtained at cheaper prices.
In the US, the market is growing as a result of patent expiry of branded drugs.
Teva represents the largest generic manufacturer in the US.
One of the major factors that has contributed to the growth of this market is the patent expiry of a number of blockbuster branded drugs. Once branded drugs go off-patent, manufacturers can launch generic versions of these drugs. As these drugs have low research & development requirements, the costs involved in developing and manufacturing them are significantly lower than branded drugs. This allows generic manufacturers to price their drugs considerably lower compared to branded drugs. This has ultimately enabled the government, third-party payers and patients to save billions of dollars on healthcare expenditures. Other growth inducing factors include aging population, increasing prevalence of chronic diseases, and incentives offered to physicians and pharmacists to promote generics.
The market for generic drugs is segmented on the basis of branded and unbranded generics. Currently, unbranded generic drugs dominate the market, accounting for the majority of the total generic prescription volumes. On the basis of distribution, some of the key purchasers include Red Oak Sourcing, Walgreens Boots Alliance, McKesson One Stop, Econdisc Contracting Solutions, etc. Furthermore, an analysis of the competitive landscape finds that Teva represents the largest generic manufacturer in the US accounting for around a fifth of the total generic sales. The other players operative in the market include Mylan Labs Inc., Sandoz, Endo/Par and Sun Pharmaceutical.
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Unbranded and Branded Generics
Commoditized and Specialty Generics
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