UK generic drugs market is estimated to grow at a CAGR of nearly 6.1% during the forecast period. Significant prevalence of chronic diseases such as cancer, diabetes, and CVD is primarily driving the market growth. As per the World Health Organization (WHO) estimation, there will be 457,960 new cancer incidences reported in 2020. Generic drugs have been playing a vital role in cancer treatment. For instance, in everyday practice, patients suffering from early-stage breast cancer, and children suffering from acute lymphoblastic leukemia are treated using generic drugs. In cancer care, generic drugs are also significantly used in supportive care beyond chemotherapy.
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Moreover, as per Diabetes UK, in 2018-2019, there were 3.9 million people who have been diagnosed with diabetes in the UK. This leads to an increasing demand for generic medicines for diabetes which include Glyburide, Glimepiride (Amaryl), and Glipizide. Further, Eli Lilly offers a generic version of Sanofi’s Lantus insulin, named Abasria insulin that is recommended for the treatment of diabetes. Cost is the major benefit associated with the use of generic drugs. The cost of generic drugs can be up to 85% lower compared to the brand-name drug. This, in turn, is supporting to drive market growth.
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Scope of the UK Generic Drugs Market
Market Coverage
· Market number available for 2019-2026
· Base year- 2019
· Forecast period- 2020-2026
· Segment Covered- By Application and Route of Administration
· Competitive Landscape- Mylan N.V., Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Hikma Pharmaceuticals plc, and Novartis International AG
Recent Strategic Initiatives in the UK Generic Drugs Market
· In November 2020, the European Medicine Agency’s (EMA) declared that it recommends granting marketing authorization for the generic drug Lenalidomide Mylan (lenalidomide). This hard capsule is indicated to treat follicular lymphoma and multiple myeloma. It is a generic version of Celgene’s Revlimid, approved in the European Union (EU) since 2007.
· In July 2019, Sandoz, a part of Novartis International AG declared the introduction of the generic cancer drug gefitinib which is intended for adult patients suffering from locally advanced or metastatic non-small cell lung cancer. It is available in 13 countries across Europe and the company will constantly widen to other countries through a phased rollout.
UK Generic Drugs Market-Segmentation
By Application
· Cancer
· CVD
· Musculoskeletal Diseases
· Infectious Diseases
· Neurology
· Diabetes
· Others
By Route of Administration
· Oral
· Topical
· Injectable
· Inhaler
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
