As these populations age, there is a corresponding increase in the prevalence of chronic diseases, which in turn raises the demand for affordable long-term medication. Generic drugs, being less expensive than their branded counterparts, are thus in higher demand to manage healthcare costs for this growing segment of the population. Nonetheless, the FDA’s stringent approval and distribution process restrict the expansion of the generic drug industry. For instance, Sun Pharma recalled 747 bottles of generic diabetes medication in October 2020 because they could contain cancer-causing nitroso dimethylamine above the limit. Emerging markets like India and China are supposed to generate more opportunities for the generic drugs market. Viatris Inc. is a global healthcare firm founded in November 2020 by the merger of Mylan and Upjohn.
[Ranking] TOP 25 Generic Drugs / Pharmaceuticals Companies Q3/2023
We leverage our inherent strength—one of the largest manufacturing bases in India—to provide a distinct cost advantage for our customers. Our in-depth knowledge of regulation and intellectual property also helps us to bring high-quality, regulatory-compliant medicines within reach of millions throughout the world. Many people throughout the world do not have access to good health because they can’t afford expensive medicines. Our Generic Formulations business addresses this urgent need by offering more than 200 high-quality generic versions of expensive innovator medicines—at a fraction of the cost—in over 20 countries around the world. Despite this, an analysis of ten essential medicines per company reveals that companies have registered these products – identified as priorities for access – in 77 countries in scope, out of the 90 in which they have existing regulatory reach.
#16 Becton, Dickinson And Company
These are long-term illnesses caused by genetic, environmental, behavioral, and psychological factors. Non-communicable diseases (NCDs) such as cardiovascular disorders, chronic respiratory diseases such as COPD and asthma, malignancies, and diabetes are the most common. Rapid unplanned urbanization, globalization of unhealthy lifestyles, and an aging population drive these diseases.
- Grupo NC is a Brazilian pharmaceutical company that specializes in the production and distribution of generic medications.
- This is the first research report from the Generic & Biosimilar Medicines Programme, with analysis carried out using the Analytical Framework published in February 2023.
- With a focus on quality, affordability, and innovation, Abbott continues to expand its portfolio through strategic acquisitions and R&D investments, ensuring the delivery of high-quality, accessible healthcare solutions worldwide.
- Using a robust pipeline of drug candidates in development, the company offers affordable and accessible high-quality generic medicines and biosimilars through its subsidiary Sandoz.
- Discover the Top 17 Healthcare Diagnostics Companies revolutionizing healthcare with innovative diagnostic solutions.
- Viatris is based in Pittsburgh, Pennsylvania, with global offices in Shanghai, China, and Hyderabad, India.
Want to find more generic pharmaceuticals companies?
- They offer a wide range of products including generic drugs, biosimilars, and active ingredients.
- Secondly, they have built robust manufacturing capabilities, ensuring high-quality and cost-effective production.
- India has proactively implemented measures to ensure the quality and safety of pharmaceutical products.
- In 2024, we expect key pharmaceutical companies to see patent expiries for their drugs, which will cause reduced revenue and an increase in generic manufacturing of these drugs and more competition.
- As healthcare costs continue to rise, the industry is expected to continue expanding in order to meet the needs of patients and healthcare providers.
- Nonetheless, the FDA’s stringent approval and distribution process restrict the expansion of the generic drug industry.
- BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports.
The government must take appropriate steps to encourage global pharmaceutical firms to set up new generic facilities through joint ventures by offering tax breaks. Some amendments, such as the US Generic Drug User Fee Act, are expected to result in a much stronger focus on quality with a much shorter approval process for these generic medicines. Also, the FDA’s Office of Generic Drugs (OGD) gained huge success after implementing the Generic Drug User Fee Amendments Reauthorization (GDUFA II) in the first year. The main purpose of the FDA was to promote international trade and harmonization of generic medicine development, thereby creating opportunities to gain high-quality drugs to be approved globally. Moreover, the FDA has taken a crucial step toward easing the entry of generic medicines into the market by introducing generic competition to the level of branded medicines known as complex drugs. The authorization of the first generic version of Advair Diskus in Jan 2019 for the treatment of asthma is an example of this, which creates future opportunities for the generic drug market.
Tabuk Pharmaceuticals Manufacturing Company
Torrent.com.br is a pharmaceutical company that specializes in the production and distribution of high-quality medications in areas such as cardiovascular and diabetes, central nervous system, and generics. SOTHEMA is a 100% Moroccan pharmaceutical company specializing in the manufacturing and sale of medicines since 1976. They offer custom manufacturing of pharmaceutical forms for several national and international pharmaceutical companies.
#13 Eli Lilly And Company
A global leader in the generics space, Teva boasts a massive portfolio of over 1,600 molecules across various therapeutic areas. Headquartered in Israel, the company holds the top spot in revenue and maintains a robust presence in both developed and emerging markets. The administration said concerns over the quality of bulk-buy ibrutinib price philippines generic drugs have largely stemmed from secondhand information or subjective impressions. Chinese drug regulators have established stringent evaluation criteria and methods to ensure the efficacy and safety of generic drugs before granting market approval, followed by continuous quality oversight after their release.
- India asserts its dominance by claiming a substantial 20% share in the global generic drug market, securing its position as the largest international provider.
- Latin America is anticipated to hold a considerable share of the worldwide market during the forecast period.
- Depending on the market covered, sales are conducted directly to customers or through distributors outside of the United States.
- It further underscores the company’saspiration to be recognized as the foremost global leader in biosimilars andgenerics, valued for its commitment and excellence.
- Formed through the merger of Mylan and Pfizer’s Upjohn business, Viatris is a relatively new player that has quickly risen through the ranks.
- Projected to reach $65 billion by 2024 and $130 billion by 2030, India’s pharmaceutical sector demonstrates significant growth potential from its current $50 billion valuation.
Strategies for Expanding Access
The generic pharmaceuticals industry is a sector that focuses on the development, manufacture, and sale of generic drugs. Generic drugs are medications that have the same active ingredients as brand-name drugs, but are typically sold at a lower price. This industry is crucial in providing affordable healthcare options to patients around the world.Within this industry, there are various companies that specialize in producing and distributing generic medications. These companies play a vital role in ensuring the availability of cost-effective alternatives to brand-name drugs. As healthcare costs continue to rise, the industry is expected to continue expanding in order to meet the needs of patients and healthcare providers.
Sun Pharmaceutical Industries Ltd.
The Established Pharmaceutical Products segment encompasses a broad range of branded generic medications made around the world and marketed and sold in emerging markets outside of the United States. Depending on the market covered, Abbott-owned distribution centers and public warehouses sell these items directly to wholesalers, distributors, government agencies, health care facilities, pharmacies, and independent retailers. Certain products are co-marketed or co-promoted with other companies or are licensed from them. Oxialfarm is a pharmaceutical company based in Ecuador that specializes in the production of retroviral medications. With over 10 years of experience, they are the first Ecuadorian company to produce retroviral drugs in the country. Their commitment to quality is evident in their efforts to provide top-notch products and services, excellent customer care, and responsible practices that mitigate environmental impact.
Reduction In US Foreign Aid To SSA Would Impact Humanitarian And Health Sectors
Indian pharmaceutical companies have been instrumental in breaking down this barrier by producing generic drugs at a fraction of the cost of their branded equivalents. This cost-effectiveness is a boon for developing countries and healthcare systems in developed nations striving to contain rising healthcare expenditures. Anticipating significant growth by 2030, the Indian generic medicine industry is driven by factors such as increased demand for affordable medicines, a growing geriatric population, and a skilled workforce.
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Krka is an international pharmaceutical company and one of the leading generic manufacturers worldwide. Macleods Pharma is a pharmaceutical company that offers a wide range of high-quality generic and branded drugs. With a focus on research and development, they provide innovative and affordable healthcare solutions to improve the well-being of individuals globally. The high cost of branded medicines has been a significant barrier to healthcare access, especially in developing nations.
Additionally, anesthesiologists and hospital officials from various hospitals in Shanghai said the generic versions of the anesthetics they use produce the desired clinical outcomes. Interviews with them, along with a retrospective study at Ruijin Hospital, showed no significant dosage changes before and after the bulk procurement program. This commentary is published by BMI, a Fitch Solutions company, and is not a comment on Fitch Ratings Credit Ratings.
The company a strong distribution network that spans more than 165 countries, with a prominent presence in emerging markets, such as India, China, and Brazil, with a continually growing demand for affordable generic drugs. The generic drug production industry encompasses companies that focus on the manufacturing and distribution of generic medications. These are companies producing drugs that have exactly the same active ingredients as brand-name drugs, but are accessible at a fraction of the cost.
Key Companies in the Generic Drug Market
Viatris seeks to provide improved access to inexpensive, high-quality medications for patients worldwide, regardless of region or circumstance, by combining the assets of these two businesses. Laurus Labs is an innovative company with world-class research capabilities, specializing in the manufacturing and marketing of pharmaceutical products. Laurus Labs is committed to developing new cures, building a profitable business, and improving the quality of life through affordable medicines. The success of these top companies can be attributed to several shared elements and approaches. Firstly, they have invested heavily in research and development, constantly striving to bring new and improved generic drugs to the market.
Amriya for Pharmaceutical Industries S.A.E
- Moreover, Cipla is actively pursuing strategies to deepen itspenetration in the generic distribution channel through digital platforms,engaging directly with retailers.
- Abbott, founded in 1888, is a global healthcare company renowned for its generic drug division offering a broad range of pharmaceuticals across therapeutic areas like cardiovascular, CNS, and women’s health.
- They offer a portfolio of prescription and over-the-counter medications across various therapeutic areas.
- In addition, the growing patient count suffering from chronic diseases such as cardiovascular diseases, cancer, diabetes, and others is expected to propel the segment’s growth rate as these drugs are used in the treatment procedures of chronic diseases.
- India supplies approximately 40% of generic and OTC drugs consumed in the US, meaning that in the near-to-medium term, the US will remain highly reliant upon India for access to many generic drugs.
- The United States had the largest market share of 92% for generic drugs in North America in 2022, followed by Canada, which had a market share of 8%.
Generic drugs first appeared in 1984, when the Hatch-Waxman Act encouraged the manufacture of generic drugs and developed system regulation. In contrast to branded products, generic drugs have the same API pharmacokinetic and pharmacodynamic properties. It is also bioequivalent to currently available branded drugs but differs in fillers, preservatives, form, packaging, and flavor.
The Importance of Generics in Emerging Markets
The company’s overarching objective is to assume a prominent globalposition in generics, pioneering medicines, and biopharmaceuticals, therebyenhancing patient well-being. Sun Pharma is a global pharmaceutical company committed to conducting business with the highest standards of professional integrity and ethical behavior. They offer a wide range of pharmaceutical products and aim to improve the health and well-being of people around the world.
Aspen Pharmacare Holdings Limited
With an extensive rangeof offerings, the company is focused on strengthening its presence in keydomestic markets such as India, alongside South Africa, North America, andother pivotal regulated and emerging markets. Operating across 47 manufacturingfacilities worldwide, Cipla produces over 50 dosage forms and more than 1,500generic products, catering to a broad spectrum of 85 markets. Furthermore, itholds a prominent position among the top ten generic players in the UnitedStates. While cost-effectiveness is critical, Indian pharmaceutical companies have not compromised quality. Stringent regulatory frameworks and adherence to international quality standards have elevated the credibility of Indian generic drugs. This commitment to quality ensures that patients worldwide can access affordable medicines without compromising safety or efficacy.
Any comments or data included in the report are solely derived from BMI and independent sources. We are your trusted research partner, providing actionable insights and custom consulting across life sciences, advanced materials, and technology. Unlock industry potential through cutting-edge research, data-driven insights, and strategic guidance.