The global Branded Generics Market was valued at USD 246.11 billion in 2022 and is projected to reach USD 415.8 billion in 2032, with a forecasted revenue CAGR of 6%. The market's revenue growth is primarily propelled by the increasing demand for high-quality generic medications among patients and healthcare professionals. Many governments worldwide are actively promoting the use of generic drugs to reduce healthcare costs, leading to a greater focus on prescription generic medications and contributing to the market's revenue growth.
Furthermore, the market's revenue growth is also attributed to the expiration of patents on various branded medicines, resulting in intensified competition within the generic drug sector. Pharmaceutical companies are strategically focusing on the development and marketing of branded generics to gain a competitive advantage in the market. As a result, the increasing availability of branded generics is expected to drive further revenue growth in the market.
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Major Companies and Competitive Landscape:
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Abbott Laboratories
- GlaxoSmithKline plc
- Sanofi S.A.
- Pfizer Inc.
- Novartis International AG
- AstraZeneca plc
- Boehringer Ingelheim International GmbH
- Bayer AG
- Merck Co. Inc.
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Driving Factors of the Branded Generics Market:
- Cost-effectiveness: Branded generics offer a cost-effective alternative to their original branded counterparts. Patients and healthcare professionals often opt for these medications as they provide similar efficacy at a lower cost, making them a more affordable option.
- Expired Patents of Branded Drugs: As patents for original branded drugs expire, it opens up opportunities for pharmaceutical companies to produce and market generic versions under their own brand names. This results in increased competition and drives the growth of the branded generics market.
- Government Initiatives and Support: Many governments and healthcare authorities encourage the use of generic medications to reduce healthcare expenses. Through policies and incentives, governments promote the adoption of branded generics, which boosts market demand.
- Rising Healthcare Expenditure: The increasing healthcare expenditure worldwide is pushing patients and healthcare providers to seek more cost-effective alternatives without compromising on quality. Branded generics fit this criterion, leading to their growing popularity.
Restraints of the Branded Generics Market:
- Brand Loyalty: Some patients and healthcare professionals may prefer sticking to the original branded drugs due to brand loyalty and perceptions of higher quality. This preference can hinder the market growth of branded generics.
- Regulatory Challenges: Meeting regulatory requirements and obtaining approvals for generic drugs can be a complex and time-consuming process. Stringent regulations and approval delays may pose challenges to pharmaceutical companies, limiting the growth of the market.
- Patent Litigations: Original drug manufacturers may engage in patent litigations to protect their market exclusivity and delay the entry of generic versions. Legal battles can delay the availability of branded generics and impact market growth.
- Quality Concerns: While most branded generics are required to meet strict quality standards, there may be concerns about the consistency and efficacy of some generic medications. These concerns can deter patients and healthcare professionals from choosing branded generics.
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