Top 5 Generic Opportunities in Pharmaceuticals to Watch in 2019: Perspective for the Future
NEW YORK, Jan. 7, 2020 /PRNewswire/ --
Report Includes:
- An overview of top five opportunities for generic or biosimilar drugs in pharmaceuticals market 2019
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- Coverage of generics and discussion on their characteristics
- Information on Hatchmann-Wax act and its effect on market competitiveness impacting pricing and development of original drugs
- Insights on the key challenges and opportunities in the development of generics or biosimilar drugs
- Description of product class, mechanism of action, indications and contraindications,
- Clinical and generic development of the prominent products
- Detailed patent analysis i.e. expiry and exclusivity, regulations and policies and patent expiry and market impact
- Profiles of key competitors engaged in the development of generic and biosimilars
Summary
The global pharmaceutical market is estimated to be valued at $1.5 trillion by 2020 and witnessing a growth of 4-5%. In the last 3 decades the pharmaceutical market witnessed a shift from a blockbuster model to new business models owing to the influx of generic drugs. Generic basically mimic the original drug characteristics and show equivalence in therapeutic effect. However, these class of drugs are cheaper and are easy to scale up when compared to original branded drugs. This change in the business model is attributed to formulation of the Hatchmann-Wax act in 1984 as a federal law that encouraged manufacture and sale of generic version of the original branded drugs. The act provided some exclusivity rights to the original branded drug developers and generic manufacturers to file their application for abbreviated new drug application (ANDA). This increased competitiveness in the industry and provided avenues for patient population who are have limited access to medicines. Because of this an original branded drug that lost its exclusivity rights becomes a target of generic manufacturer to scale up a generic version and reduce the market share of the original drugs. Therefore, patent expiry rates have key drivers of generic drug development, manufacture and marketing.
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