At 9.9% CAGR, the Branded Generics market is estimated to accumulate US$ 414.99 billion by 2028, says The Insight Partners

 According to our latest study on "Branded Generics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - Therapeutic Application, Distribution Channel, Drug Class, and Formulation Type," the market is expected to grow from US$ 235.86 billion in 2022 to US$ 414.99 billion by 2028; it is estimated to grow at a CAGR of 9.9% from 2022 to 2028. The report highlights the major factors driving the market and prominent players and their developments. The growth of the global branded generics market is majorly driven by the rising penetration of branded generics and increasing government initiatives for promoting branded generics. Additionally, encouraging utility of branded generics by healthcare providers and professionals is likely to emerge as a significant future trend in the market during the forecast period. However, poor clinical outcomes and adverse effects of generic medications in the global market are hampering the market growth.

According to the Commonwealth Fund report, COVID-19 tested the healthcare system in a new way by raising concerns about increasing capacity of drugs, social safety net, and data collection. Drug shortages, especially for generic drugs, were high, and some stockouts resulted in shortages at the pharmacy counter. On the supply side, efforts were taken to decrease medication costs to ensure proper supplies of generic drugs. For example, considerable consolidation in the generic market has led to fewer potential producers, less competition, and higher prices. In 2020, the Food and Drug Administration (FDA) made strong efforts to produce generic drugs to overcome such a drastic situation. The program's efficiency, quality, and predictability support the approval of safe and effective generic medicines for tackling COVID-19. The FDA report states that, amid the COVID-19 pandemic, public health emergency and FDA prioritized the assessment of generic drug submission for products that could address COVID-19 as a top priority. More than 660 supplements and 50 original applications of generic drugs were approved for treating patients with COVID-19. Also, the Office of Generic Drugs (OGD) worked diligently to support manufacturers of approved generic drugs who needed to change manufacturing processes or facilities to address disruptions caused due to pandemics. OGD made significant progress by improving access to generic drugs, resulting in more market competition and more affordable generic medicines for the American public. Furthermore, OGD created a system for identifying generic drugs critical for treating patients suffering from COVID-19 and took regulatory and scientific action to accelerate the review of generic drug products. The system included the establishment of infrastructure for rapidly completing tasks, resolving review issues, and taking timely actions on critical generic drugs used during the pandemic.

Based on therapeutic application, the branded generics market is segmented into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, analgesics and anti-inflammatory, and others. The others segment held the largest share of the market in 2022. However, the oncology segment is anticipated to register the highest CAGR of 11.0% during the forecast period. Generic drugs are essential in oncology because only a few anticancer drugs are available as generics. In everyday practice, children with acute lymphoblastic leukemia or patients with early-stage breast cancer are treated and cured with generics. Generic drugs are also widely used in supportive care during the chemotherapy treatment for oncology. According to the Indian Council for Medical Research (ICMR), in India, the number of Indians who have cancer is projected to increase from 26.7 billion in 2022 to 29.8 billion by 2025. As per the Pharma Intelligence Center, there are currently 1,351 generic drugs available in India for the treatment of various cancers as of February 26, 2021. Most drugs are for the treatment of hematological malignancies such as blood cancer (606) and leukemia (428). As the cost of branded drugs is higher than generic drugs, maximum people cannot afford these branded drugs and consume generic drugs. Treatment of cancer is limited by the affordability of patients in many developing countries, including India. Therefore, generic drug manufacturers are manufacturing drugs available at affordable costs, often at less than 10% of the original brand cost. It is observed that there is a three-fold higher prescription of generic brands compared to innovators, accompanied by cost savings of up to 80% per prescription.

 Mylan N.V.; Teva Pharmaceutical Industries Ltd.; GlaxoSmithKline plc.; Bausch Health Companies Inc.; Lupin; Sanofi; AstraZeneca Plc.; Dr. Reddy's Laboratories; Par Pharmaceuticals, Inc.; Sandoz International GmbH; Aspen Holdings; and Hetero are among the leading companies in the branded generics market.