Generic injectable drugs those drugs that contain active ingredient same as innovator drug and is equal to its innovator drug in safety, dosage form, strength (dose), performance, quality, route of administration, and intended use. Moreover, the manufacturing of these drugs is complex, but the R&D cycle is cheaper and shorter in the process of development. In short, these drugs do not require huge investment in the process.
Furthermore, increasing prevalence of target diseases, rising spending into R&D and new advancements in generic drugs coupled with increasing patent expiry of drugs is contributing towards the market the growth. For instance, according to a research article, drug makers are anticipated to lose USD 17 billion in due to patent expirations in 2020. Around 18 drugs are projected to lose patent protection. In addition, rising incidence of acute and chronic illness such as diabetes, cancer that require generic injectable drugs is attributed towards the market growth of generic injectable market. Moreover, high operational costs of manufacturing of generic injectable drugs are anticipated to limit the market growth.
The global generic injectables market is expected to grow at a CAGR of around 11.6% over the period of next 5 years.
The market growth generic injectables are attributed to the key factors such as rising prevalence of target disorders, and advantages of generic injectables coupled with improved availability of biologics drugs in development pipelines and rising preference of injectable drug delivery. These factors are bolstering the demand for generic injectables and projected to increase its demand in the near future.
Furthermore, considering the rising peak of prevalence of chronic disorders, the market is anticipated to fuel over the forecast period. For instance, according to the data based on World Health Organization (WHO), the diabetes prevalence is expected to increase from 117 million to 422.0 million from 2000 to 2030. Therefore, the rising number of these population will demand for an efficient generic injectables and it is further contributing towards the market growth.
The impact of the COVID-19 pandemic on the generic injectable market has been minimal. As the R&D and reduced resources were readily available to meet the unprecedented requirements of the industry. As a result of the ongoing pandemic of COVID-19, various manufacturers are focusing on novel approaches to the cure pneumonia associated with COVID-19 using generic injectables. Thus, researchers are focusing on generic injectables and an effective treatment and opening opportunities for generic injectable market players.
GENERIC INJECTABLES MARKET SEGMENTATION:
By Drug Delivery System Type:
By Therapeutic Areas:
- Parenteral Nutrition
- Cardiovascular Diseases
- Prefilled Syringes
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America is projected to gain dominance in the generic injectables market. The market growth in this region can be attributed to continued injectable drug shortage, need to cure various diseases, and presence of major players in this region involved in new product launch, acquisition and expansion such as Pfizer, APP (Unit of Fresenius Kabi), Sandoz (Unit of Novartis), Hikma Pharmaceuticals PLC., Grifols, Baxter, Sagent Pharmaceuticals Inc. For instance, midsized to smaller manufacturers are seeking to commercialize products in the markets by collaborating with companies. In addition, patent expiry of drugs is expected to provide lucrative opportunity in the market. Also, healthcare professionals are adopting specialty injectable generics into their practices due to various advantages, such as relatively higher efficacy of injectable generic drugs compared to conventional routes of administration (ROA).
Asia Pacific is likely to exhibit the fastest growth in the coming years. This owes to the factors such as the surge in prevalence of patient population suffering from chronic and acute disorders, increasing funding in R&D and rapid improvement in healthcare industry. Moreover, the Governments in many developing countries such as India, China are taking initiatives to encourage research activities for the development of generic injectable products. Furthermore, Asia Pacific region is observed to be the fastest growing regional market for wax removal aids. This region is expected to maintain its growth rate over the forecast period.
FEW KEY PLAYERS IN GENERIC INJECTABLES MARKET:
- Sanofi SA
- Samsung Biologics
- AstraZeneca plc
- Mylan NV
- Reddys Laboratories
- Merck & Co. Inc.
- In January 2020, Merck collaborated with Taiho Pharmaceutical Co, Ltd. for oncology business to widen its focus on small molecule offerings in injection inhibitors for cancer research, thereby widening its business
- In May 2019, Armas Pharmaceuticals Inc. and Micro Labs USA, Inc. company formed a strategic collaboration to multisource injectable products in the U.S. market. The first product, Diphenhydramine Injection 50mg/1mL, was introduced which was in drug shortage in the FDA Drug Shortage list since September of 2018.
- In 2016, Cipla Ltd., acquired two U.S. generic drug companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc., to raise the company’s revenue and launched new products for oncology and diabetes diseases.
- In December 2016, Baxter International Inc. acquired Claris Injectables Limited for total consideration of USD 625 million. With this company expanded its generic injectable portfolio
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