Although the US is currently dominating the generics market, emerging markets have been the most important geographical growth drivers for generics in the recent past. For example, Indian pharmaceutical companies are already well positioned in this industry, with their advanced technological capabilities and low-cost manufacturing.
Despite emerging economies having relatively lower healthcare spending than developed economies, their healthcare costs are expected to significantly rise in the near future, driven by the adoption or expansion of universal healthcare and a growing incidence of lifestyle diseases.
Therapy Areas with Highest Levels of Genericization, 2016–2021
As seen in the above figure, the oncology (19%) and cardiovascular (18%) therapy areas seem to be the most promising for genericization in the next five years. The metabolic (14%), respiratory (11%), and gastrointestinal (11%) therapy areas follow. Overall, the disease areas with higher prevalence rates and levels of need will see more growth in the generics market as more innovative molecules will be developed for these diseases, whereas in the case of neurology (6%), even though the unmet need is high, the R&D and innovation have been slow compared with the other therapy areas.
CBR Pharma Insight’s latest report “The Future of Generic Drugs and Strategies for Commercial Success” discusses trends in the global generic drugs market, and the evolving business strategies being adopted and leveraged by generic drug companies around the world. CBR Pharma conducted an extensive and targeted industry survey of experts from top global generic drug companies, to gather opinions on the trends and future commercial prospects of the generic drugs market.