A generic injectable is a drug that has the same active pharmaceutical ingredient as its branded counterpart. A generic injectable is also equivalent to its branded counterpart in safety, strength, dosage form, performance, quality, and route of administration. Unlike branded injectable drugs, generic injectable has lower costs especially the ones used for cancer therapies. This is the reason why governments in many countries are focused on adopting generic injectable to help control healthcare spending. In addition, generic injectable has a high margin and low R&D investments.
COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in the Hubei province of Wuhan city in China in December 2019. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11th, 2020.
- Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs, such as hydroxychloroquine, have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
- However, the supply chain of raw materials required to manufacture generic injectables has been disrupted in many countries due to the pandemic. In addition, the market growth of generic injectables is also declining as manufacturers of these drugs have slowed down their production. This, in turn, is expected to have a significant impact on the generic injectable market.
Top Impacting Factors
- With increase in drug shortage, especially in the U.S., governments in many countries are supporting the manufacture of generic injectable as they do not come with patents.
- The rise in aging population and increase in cases of chronic diseases are also some of the factors that have led to shortage of injectable. This, in turn, helps to increase the demand for generic injectable.
- The R&D cycles of generic drugs are shorter as they are the bio-equivalents of their branded counterparts. This offers the advantage of saving time to the manufacturers and is helps boost the growth of the generic injectable market.
- The expiry of patents of branded injectable and less number of new launches are among the factors that have contributed to the growth of the generic injectable market.
- However, the manufacturing of generic injectable is quite complex. With the lack of a skilled workforce in many developing countries, this can act as a restraint for the generic injectable market.
Key Market Trends
Major drug corporations across the world have keen interest to invest in generic injectable manufacturing facilities with the objective of cutting down corporate expense rates, improving manufacturing units, and building their presence in developing economies such as China and India.
In North America, the new duty changes in the U.S. have led to lower corporate taxes and aided pharmaceutical organizations to bolster their production capacities of generic injectable.
For instance, in 2020, an arrangement to contribute $465 million was reported by Pfizer, Inc. to fabricate an injectable plant in Michigan. This development is a part of Pfizer's plan to invest $5 billion in the U.S.-based capital tasks.
In the Asia-Pacific region, China is the leading producer of many pharmaceutical products, including generic injectable. China is experiencing dramatic increase in wages, making the manufacturing processes of pharmaceuticals quite expensive. Despite this, the Asia-Pacific region still remains to be one of the most affordable regions for pharmaceutical manufacturing.
In Europe, Germany has relatively strict regulatory guidelines for drug production and development. As a result, it is difficult to achieve approvals aimed at developing and producing new generic injectable.
Key Benefits of the Report
- This study presents the analytical depiction of the generic injectable market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the generic injectable market share.
- The current market is quantitatively analyzed to highlight the generic injectable growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on the competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Generic Injectable Report
- Which are the leading players active in the generic injectable market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the generic injectable market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 on the industry?
- What is a generic injectable?
- What are the current and predicted trends in the market?
Generic Injectable Market, by Product Type Report Highlights
| Aspects | Details |
 By Product Type |
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 By Molecular Type |
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 By Application |
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 By Administration |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Baxter International, Amgen Inc., Johnson And Johnson, GlaxoSmithKline Plc., AstraZeneca Plc., Sanofi SA, Bristol-Myers Squibb Company, Novartis AG (Sandoz), Fresenius SE And Co. KGaA, Pfizer, Inc., Novo Nordisk A/S |
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