LET’S EXPLORE THE WORLD OF GENERIC MEDICINES

Introduction:

Generic medicines offer cost-effective alternatives to their branded counterparts and play an important role in the pharmaceutical industry. The same chemical substance found in pharmaceuticals that were formerly protected by patents is also found in generic drugs. Generic medications may be sold following the original pharmaceutical product’s patent expiration. Generic medications have a similar medical profile to patented medications because they share the same active chemical ingredient.

The aim of this blog is to provide an in-depth understanding of generic medicines, including their sources, types, chemical information, market dynamics, main players, and the important role that databases such as Chemxpert play in today’s fast-growing pharmaceutical industry.

 

Types:

There are various types of generic medicines:

1. Generic Drugs: They are the same or equivalent bioequivalent to the brand name drugs and have the same therapeutic effect.
2. Branded Generics: Novel dosage forms of off-patent products manufactured by a manufacturer who is not the originator of the molecule, or a molecule copy of an off-patent product with a trade name.

Chemical Information:

Generic medicines, which, in order to pass stringent bioequivalency testing, have the same combination of agents as their labeled counterparts. Generic medicines are a chemical copy of the original product, containing identical active substances.

Market Size and Growth Rate:

The market for generic medications was valued at USD 439.37 billion globally in 2022. It is projected to increase at a compound annual growth rate of 5.4% from 2022 to 2030, when it is expected to reach USD 670.82 billion. (Courtesy: Precedence Research)

Importers/Suppliers:

A network of importers, exporters and suppliers is involved in the generic pharmaceutical industry. The fourth largest supplier of pharmaceuticals to the US is India, with exports amounting to USD 5.1 billion in 2016, while China exported only USD 1.1 billion into the USA last year. Teva Pharmaceutical Industries Ltd., Sun Pharma Industries Ltd., Cipla Ltd., Dr. Reddys Laboratories Ltd., and Lupin Ltd. were the top 5 global generic companies in terms of revenue in 2021. (Courtesy: Global Data)

Global and Indian Landscape:

Research, development, manufacture, and distribution of medicinal products are the responsibilities of the pharmaceutical industry. Over the last two decades, there has been a significant increase in market size, and global pharmaceutical revenues will amount to USD 1.48 trillion by 2022. (Courtesy: Statista)

The Indian generic medicine market is expected to grow at a compound annual growth rate of almost 9.5% over the forecast period. Rising incidences of chronic diseases and favorable government initiatives to raise the affordability of medicines are some important factors that have encouraged market growth. (Courtesy: OMR Global)

Role of the Chemxpert Database:

Chemxpert, one of the top databases in the generic pharmaceutical industry, is crucial to the pharma database provider in India. They make it possible to connect and trade businesses between buyers and sellers. They also provide valuable information on the chemical properties, uses, side effects, and interactions of different medicines. This information is crucial for researchers, patients, and healthcare professionals to make educated decisions about the use of generic medications.

Conclusion:

Generic medicines play an important role in meeting global health needs, as the demand for low-cost healthcare solutions is growing. Stakeholders in this dynamic industry need to understand the various aspects of generic medicines, from their source to market dynamics. In order to maintain the growth and availability of generic medicines worldwide, databases such as Chemxpert play an important role in informing decision-making and complying with legislation.