India generic drugs market is estimated to grow at a CAGR of nearly 9.5% during the forecast period. A significant rise in the incidences of chronic diseases is driving the demand for generic drugs in the country. 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. This leads to increasing demand for generic drugs that are playing a crucial role in cancer treatment. For instance, in everyday practice, patients with early-stage breast cancer, and children suffering from acute lymphoblastic leukemia are treated and cured with generics. In cancer care, generic drugs are also significantly used in supportive care beyond chemotherapy.
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The increasing prevalence of diabetes is also supporting to drive market growth. As per the International Diabetes Federation (IDF), the total cases of diabetes reported in adults in India was nearly 77 million in 2019. This leads to increasing demand for generic medicines for diabetes which include Tolazamide (Tolinase), Acetohexamide, and Glimepiride (Amaryl). Additionally, several generic equivalents of the drug metformin (earlier sold only as Glucophage XR or Glucophage) are now available.
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A full Report of India Generic Drugs Market is Available at: https://www.omrglobal.com/industry-reports/india-generic-drugs-market
Scope of the India 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., Lupin Ltd., Aurobindo Pharma Ltd., and Sun Pharmaceutical Industries Ltd.
Recent Strategic Initiatives in the India 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.
India Generic Drugs Market-Segmentation
By Application
· Cancer
· CVD
· Musculoskeletal Diseases
· Infectious Diseases
· Neurology
· Diabetes
· Others
By Route of Administration
· Oral
· Topical
· Injectable
· Inhaler
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