Global Branded Generics Market Forecast to 2028 – Rising Penetration of Branded Generics is Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Branded Generics Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Therapeutic Application, Distribution Channel, Drug Class, and Formulation Type” report has been added to ResearchAndMarkets.com’s offering.

The global branded generics market is projected to reach US$ 414.99 billion by 2028 from US$ 235.86 billion in 2022.

Rising penetration of branded generics and increasing government initiatives for promoting branded generics drive the growth of branded generics market. Encouraging utility of branded generics by healthcare providers and professionals acts as a future trend in the branded generics market.

The Association for Accessible Medicines report states that nearly 3.9 billion generic prescriptions were dispensed in 2016. Therefore, branded generics present a viable opportunity for potential growth for big pharma players. According to the published report by HSRII, the US is the largest pharmaceutical market in the world (US$ 325 billion), accounting for one-third of the global pharmaceutical market, with generics accounting for 84% in terms of sales volume and 28% in terms of sales value.

Furthermore, branded generics utilization has increased among the population due to savings provided by the healthcare system and the ability to invest in tomorrow’s new medicines. For instance, nearly 3.9 billion prescriptions dispensed in the US are for generics.

Moreover, on average, in 2016, the use of generic medicines saved each state US$ 4.9 billion compared to the price of relevant branded medicines. This further means that Medicaid savings averaged US$ 744 million, and state Medicaid savings averaged US$ 1.5 billion per state. Such factors accelerate the demand for branded generics, fueling the overall market growth during the forecast period.

Additionally, the rise in government initiatives for promoting branded generics further is accelerating the adoption of branded generics, ultimately stimulating the overall market growth. A Scientific Electronic Library Online (SciELO) report states that promoting branded generics constitutes a core instrument for countries’ national pharmaceutical policies, ultimately reducing drug expenditure with expanding healthcare access.

For example, to make quality generic medicines available at affordable prices, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) was launched by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India in November 2008. The scheme focused on dedicated outlets known as Janaushadhi Kendras, offering generic medicines at affordable prices. Till 2021, 8,012 Janaushadhi Kendras were functional across the country.

Moreover, a Food and Drug Administration (FDA) report states that as the FDA approves more branded generics, it results in a drop in cost. Generally, multiple generic drugs for the same product create marketplace competition. For example, a single generic competitor results in price reductions of up to 30%, while five competing generics are associated with a price drop of nearly 85%.

Market Dynamics

Drivers

• Rising Penetration of Branded Generics
• Increasing Government Initiatives for Promoting Branded Generics

Restraints

• Switching Brands, Poorer Clinical Outcomes and Adverse Effects of Generic Medications

Opportunities

• Product Differentiation

Future Trends

• Encouraging Utility of Branded Generics by Healthcare Providers and Professionals

Companies Mentioned

• MYLAN N.V.
• TEVA PHARMACEUTICAL INDUSTRIES LTD.
• GlaxoSmithKline plc
• Bausch Health (Valeant Pharmaceuticals)
• Sandoz International Gmbh
• Aspen Holdings
• Par Pharmaceuticals
• Lupin
• Sanofi
• AstraZeneca
• Dr. Reddy’s Laboratories Inc.
• Hetero

For more information about this report visit https://www.researchandmarkets.com/r/jgncsw

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900