Categories: Life Sciences
Generic medications are those that contain the same active ingredient as a branded drug. These drugs have the same therapeutic effect and are prescribed in the same way, with the same method of administration, consumption, and use, and with the same quality. Furthermore, generic medicines' inactive components may differ from those of their branded counterparts. These medicines are typically sold after the patents on branded drugs expire, and they are less expensive when compared to patented branded drugs. Generic medicines are of comparable quality to branded drugs and are manufactured with the same attention and precision.
BY THERAPEUTIC APPLICATION
Growing pharmaceutical spending by emerging countries towards generics is the main driver of generic medicine growth in the APAC area. Continuously rising healthcare costs have compelled third-party payers and governments to look for measures to keep costs under control. This is a major factor fueling the demand for generics over their brand-name counterparts. The ongoing patent cliff, which is providing rising pipeline prospects for generic companies, is another major driver of this business.
BY DRUG TYPE
The generic pharmaceuticals industry is divided into three categories: medication type, therapeutic application, and delivery route. Monoclonal antibodies, vaccinations, peptide hormones, peptide antibiotics, cytokines, insulin, immunoglobulin, and blood factors are among the medication types that have been classified in the market. Oncology, neurology, musculoskeletal illnesses, cardiovascular diseases, and infectious diseases are among the therapeutic applications. Oral, injectable, topical, and intravenous are some of the routes of administration used in the APAC generic drugs market. According to Insights and Reports researchers, generic medications accounted for 20% of the government's overall spending in 2017. Over the projected period, generic pharmaceuticals are expected to account for the majority of the APAC generic drugs market. The APAC region is separated into Japan, China, India, Australia, and South Korea based on geography. Because of the presence of important generic medication producers in Japan, there is an untapped market potential.
The following are the main drivers of the generic medicines market in various nations in the APAC region:
Ranbaxy Laboratories, Mylan, Inc. Industries, Ltd., Par Pharmaceutical, Inc., Celgne Corporation, Watson Pharmaceuticals, Ltd., Actavis, Dr. Reddy's Laboratories, Sandoz International GmbH, Apotex, Inc., and Teva Pharmaceutical are among the key industry competitors in the APAC Generic Medicine market.