Europe generic drugs market is estimated to grow at a CAGR of nearly 5.7% during the forecast period. European government initiatives to support generic producers are supporting to drive market growth. In May 2019, the European Union (EU) is taking measures to increase the competitiveness of EU manufacturers of generic drugs and biosimilar products. EU-based producers of generics and biosimilars will be entitled to produce a biosimilar or a generic version of a supplementary protection certificate (SPC)-protected drug. The new EU regulation will allow manufacturers of generic drugs that are EU based to compete with non-EU manufacturers equally. This will generate high-value jobs and increase the accessibility of generic medicines within the EU.
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Additionally, in November 2020, the European Commission makes a draft that intends to make it easier for patients to gain access to low-cost, generic medicines. This draft could cut the revenues of major pharma companies. The European Commission will consider targeted policies that facilitate higher competition in generic and biosimilar. Removal of barriers that delays the entry of generic medicines is also expected to witness by 2022. Such kinds of initiatives will further escalate market growth.
Scope of the Europe 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
- Countries Covered- UK, Germany, France, Spain, Italy, and Rest of Europe
- Competitive Landscape- Mylan N.V., Teva Pharmaceutical Industries Ltd., Lupin Ltd., and Novartis International AG
Recent Strategic Initiatives in the Europe 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.
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Europe 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.)
