Asia-Pacific generic drugs market is estimated to grow at a CAGR of nearly 8.0% during the forecast period. A significant rise in the prevalence of chronic diseases is the major factor accelerating the demand for generic medicines in the region. As per the estimation by the World Health Organization (WHO), the number of new cancer incidences expected to be reported in china was nearly 4.6 million in 2020. Further, the National Cancer Registry Programme estimates that there will be 13.9 lakh new cancer incidences reported in India in 2020, which is expected to rise to 15.7 lakh by 2025.
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This, in turn, is leading to increasing demand for generic drugs in these countries. 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. Generic drug firms do not have to invest in high initial drug development costs which results in the low cost of these drugs compared to branded drugs. The low cost of generics is acting as a major factor accelerating market growth.
Scope of the Asia-Pacific 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
- Regions Covered- China, India, Japan, and Rest of Asia-Pacific
- Competitive Landscape- Mylan N.V., Teva Pharmaceutical Industries Ltd., Lupin Ltd., Aurobindo Pharma Ltd., and Sun Pharmaceutical Industries Ltd.
Recent Strategic Initiatives in the Asia-Pacific Generic Drugs Market
- In July 2020, Cipla declared the launch of its generic version of antiviral drug remdesivir, Cipremi, at $53.3 per 100 mg vial. This makes it among the lowest cost versions for COVID-19 treatment and Cipla is looking to deliver more than 80,000 vials within the first month.
- In July 2020, Mylan launched a generic version of Remdesivir drug, Desrem, in India for treatment of COVID-19 patients. This drug will be available at a price of nearly $64.2 per 100 mg vial as against Hetero’s Covifor at nearly 72.2 per 100 mg vial and Cipla’s Cipremi costing nearly $53.3 per 100 mg vial.
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Asia-Pacific 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.)
