Between September 2023 and September 2024, several prominent pharmaceutical companies recorded significant shipment volumes. These shipments, often comprising medicines or active pharmaceutical ingredients (APIs), illustrate the dynamic nature of the global pharmaceutical supply chain. Let’s break down each company and its likely contribution:
The generic pharmaceuticals market was estimated at US$ 392.23 billion in 2023 and is projected to grow to US$ 947.67 billion by 2034, rising at a compound annual growth rate (CAGR) of 8.35% from 2024 to 2034. The rise in patent expiration, increasing demand for cost-effective and efficient medicines, and less complex approval process for generics drive the market growth. Generic medicines also don’t require much R&D, which reduces the overall production and development costs.
Download Statistical Data: https://www.towardshealthcare.com/download-statistics/5242
Generic pharmaceuticals are drug products that contain the same active ingredients of the same strength as that of their brand drugs. According to the US FDA, generic drugs are bioequivalent to brand-name drugs in dosage form, safety, route of administration, quality, performance characteristics, and intended use. Hence, these generics work similarly and provide the same clinical benefits and risks as their brand-name counterpart. These drugs contain different excipients, colors, and flavors to distinguish them from the original ones. The corresponding regulatory agencies approve these generics in the country where they are marketed. Generic pharmaceuticals are sold only when the patent protection ends, usually twenty years, or the patent owner waives its rights. They are comparatively cheaper than brand drugs since they do not undergo preclinical and clinical trials to demonstrate their safety and effectiveness. Additionally, the company that produces generics did not need to invest money in its marketing.
Artificial intelligence (AI) revolutionizes the pharmaceutical sector by implementing modernization and automation in various fields. AI can enable researchers to optimize drug design, develop formulations, and streamline clinical trials more accurately and efficiently. AI in the generic pharmaceuticals market can streamline the process and reduce the time it takes for generic drugs to reach the market. Predictive analysis and natural language processing (NLP) can be used to find compounds similar to those of brand-name drugs to make generic drugs. The machine learning algorithm can be used to determine the solubility of a compound to make sure it maintains its effectiveness over time. AI can also be used to determine the crystal structure of the drug compound. The crystal structure of the drug compound can affect the manufacturing of the drug, producing the drug with sufficient structural integrity so that it does not break down and stays effective.
| Company Name | Teva Pharmaceuticals, Inc. |
| Headquarters | Tel Aviv-Yafo, Israel |
| Recent Development | In June 2024, Teva Pharmaceuticals announced the launch of its generic Victoza (Liraglutide injection 1.8 mg) in the US. It is the first-ever generic GLP-1 product in the US marketplace. The drug improves glycemic control with type 2 diabetes mellitus and reduces the risk of cardiovascular events. |
| Company Name | Zydus Lifesciences |
| Headquarters | Ahmedabad, India |
| Recent Development | In September 2024, Zydus Lifesciences announced that it received US FDA approval to manufacture Enzalutamide capsules (40 mg). It is an androgen receptor inhibitor for the treatment of metastatic castration-resistant prostate cancer. |
North America dominated the global generic pharmaceuticals market share by 36% in 2023. The rising demand for generic products, favorable government policies, and capital investment drive the market. The US has the biggest market for generic pharmaceuticals in the world. Generics account for 91% of prescriptions dispensed in the U.S. but only 18% of the total drug costs, making them a vital part of the US healthcare system. The US Government’s Food and Drug Administration imposes stringent regulations and policies regarding the approval of generic medicines. The increasing number of drug approvals also boost the market. In 2022, Congress authorized the Generic Drug User Fee Amendments (GDUFA) III. The FDA aimed to promote scientific research through the GDUFA Science and Research Program in 2022. The program can help to understand the FDA’s understanding of generic drugs and develop advanced methods to characterize product quality and performance.
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