Asia Pacific Generic Medicine Market: Introduction
Generic medicine refers to drugs that have the same ingredient similar to a branded drug. These medicines also produce the same therapeutic effect and are recommended in the same medicating manner, same way of consumption and usage and with the same quality. Additionally, the inactive ingredients of generic medicines can differ when compared to their branded counter drugs. These medicines are majorly sold after the branded drug patents expire and are comparatively lower in costs when linked to the patented branded drugs. Generic medicines have same quality as compared to the branded drugs and are produced under the same care and manufacturing procedures.
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Market Dynamics
The key driving factor for growth of generic medicines in APAC region is, growing pharmaceutical spending by the developing nations towards generics. Continuously rising healthcare expenditures have forced third party payers and governments to look for ways to control their healthcare expenses. This is key factor that is driving the rising demand for generics against their branded counterparts. Another foremost driver of this industry is the constant patent cliff that is supplying growing pipelines opportunities for generic organizations.
Segment Analysis
Generic drugs market is segmented into drug type, therapeutic application, route of administration. On the basis of drug type the market has be categorized into monoclonal antibodies, vaccines, peptide hormones, peptide antibiotics, cytokines, insulin, immunoglobulin and blood factors among others. Based on therapeutic application oncology, neurology, musculoskeletal diseases, cardiovascular diseases, and infectious diseases among others. APAC generic medicines market on the basis of route of administration is divided into oral, injectable, topical, and intra-venous among others. As per Insights and Reports analysts generic medicines accounted for 20% of total spending done by the government in 2017. Generic medicines are anticipated to hold the major chunk of the APAC generic medicines market over the forecast period. Based on Geography, APAC region is further divided in to Japan, China, India, Australia, and South Korea. There is an unused market potential in Japan because of presence of key manufacturers of generic medicines market.
Country Analysis
The key factors driving the generic medicines market in various countries or APAC region are:
• Japan: The country has high aging population and experience high medical costs incurred, in order to reduce the cost of treatment government is planning to support generic medicines and increase the productivity by to 60% in 2018 when compared to 25% in 2012.
• India: Government of India rolled out a plan named Universal health plan that is anticipated to cover over all population by 2019, in order to fulfill this plan state governments are promoting usage of generic medicines in government hospitals.
• Indonesia: The universal health coverage scheme implemented by the government of Indonesia improved the demand for generic medicines.
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Key Market Players
Key market players of APAC Generic Medicine market include Ranbaxy Laboratories, Mylan, Inc. Industries, Ltd., Par Pharmaceutical, Inc., Celgne Corporation, Watson Pharmaceuticals, Ltd., Actavis, Dr. Reddy’s Laboratories, Sandoz International GmbH, Apotex, Inc., and Teva Pharmaceutical among others.
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