The global specialty generics market is expected to
reach USD 174.9 billion by 2025. Rise in demand for low-cost generic specialty
drugs is a major factor estimated to accelerate the market growth during the
forecast period. Introduction of cost-effective drugs for the treatment of
multiple sclerosis, cancer, and other infectious diseases is expected to
showcase huge opportunities for the specialty generic drug manufacturers.
According to U.S. FDA, generic drugs cost 80% to 85% lower as compared to
branded drugs. One of the factors contributing to their affordable price is
that they do not need to repeat expensive clinical trials, advertising, and
promotional activities. Thus, low cost of generic specialty drugs is expected
to accelerate the demand for these medicines.
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Rise in number of off-patent specialty drugs is
another major factor expected to support growth of the specialty generic drugs
market. For instance, the patent for Gilenya, a blockbuster drug by Novartis,
will expire in 2019. This drug led to USD 3.1 billion in sales in 2016 for
Novartis, with 14% sales growth. In April 2017, Novartis failed to acquire
patent extension for Gilenya till 2026 in the U.S. Federal Circuit. Such early
patent expirations are expected to boost the entry of new generics.
Further
key findings from the report suggest:
• In 2016, injectables was the largest revenue-grossing
segment in the market due to its high usage and efficacy in treatment of severe
chronic diseases
• The oncology segment accounted for the largest
revenue share in 2016 and is expected to maintain its dominance during the
forecast period due to worldwide rise in cancer prevalence
• The specialty pharmacy was the largest
revenue-generating segment in end use and is estimated to maintain its
dominance during the forecast period. This is due to the fact that specialty
pharmacies are dedicated to distribution of highlycomplex, costly, and
high-touch medicine
• North America dominated the total market in 2016
primarily due to the presence of highly developed healthcare infrastructure and
local presence of large number of established pharmaceutical companies
• The Asia Pacific market is estimated to grow at
the highest growth rate during the forecast period. Rising prevalence of
chronic diseases, developing healthcare infrastructure, and escalating
disposable income in Asian countries, such as China and India, are major
factors that can be attributed to the growth
• Some of the major players are Teva Pharmaceuticals
USA, Inc.; Mylan N.V.; Sandoz International GmbH; Akorn, Inc.; Mallinckrodt;
Valeant Pharmaceuticals International, Inc.; Pfizer, Inc.; Endo
Pharmaceuticals, Inc.; Apotex Corp.; Sun Pharmaceutical Industries Ltd.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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