Improving Access to Affordable Healthcare with the Branded Generics Market

Branded generics are medicines that carry a proprietary brand name. In other words, branded generics are sold under a brand name but are no longer under any patent. These medicines can either be developed by a generic pharmaceutical company or by the original drug firm and can be marketed after the original drug's patent expires.

Branded generics are known for their affordability and similar efficacy to their branded counterparts. Continue reading as we detail the approval criteria for #genericdrugs and cover the growth drivers and regional analysis for the branded generics market.

What Standards Must Generic Drugs Meet to Receive Approval?

To receive approval, a generic medicine must be equivalent to a brand medicine in the following ways:

·???????The active ingredient – a component that makes a medicine pharmaceutically functional – must be the same as the innovator drug.

·???????The generic medicine should be of the same strength.

·???????The drug must be the same product type, such as a tablet or injectable.

·???????The drug must have the same admission route, like oral or topical.

·???????It should carry the same use indications.

·???????It must last for at least the same time period.

·???????It is made under the same stringent conditions as the brand-name medicine.

·???????The medicine is packed, shipped, and sold in appropriate containers.

?What’s Driving the Market Growth?

According to a new study by Polaris Market Research & Consulting, Inc. Market Research and Consulting, the branded generics market was valued at USD 239.85 billion in 2022 and is expected to grow to USD 410.86 billion at a CAGR of 5.6% during the forecast period.

The market is primarily driven by the high abbreviated new drug application (#ANDA) approvals and the introduction of more generic products. According to the U.S. Food and Drug Administration (#FDA) annual report, 93 first generics were approved by the agency in 2021. This is a significant increase from the 72 first generics approved in 2020. A rise in ANDA approvals is anticipated to impact the market for branded generics favorably.

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The Gastrointestinal Segment Accounted for The Largest Revenue Share In 2022

By application branded generics market segmentation, the gastrointestinal segment held the largest revenue share in 2022. This can be attributed to the growing prevalence of gastrointestinal (GI) diseases like ulcers, acid reflux, and inflammatory bowel disease (IBD) worldwide. A commonly used drug class to treat GI diseases is proton pump inhibitors (PPI). According to an article by the National Center for Biotechnology Information (NCBI), around 113 million prescription PPIs were sold worldwide in 2020. The high selling rate highlights the significant demand for these medicines in the market.

Geographic Analysis

North America: North America has a high penetration of branded generic medicines as these drugs are usually more cost-effective and accessible than their branded counterparts. Their high accessibility and affordability make branded generics an attractive choice for patients and healthcare practitioners.

Asia Pacific: Asia Pacific is anticipated to grow at a healthy CAGR over the forecast period. This is largely because major nations in APAC are emphasizing on the establishment of manufacturing facilities to deal with the shortage of life-saving drugs and address the unmet medical needs of their citizens.

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Conclusion

A generic drug is similar to already available brand-name medicine in terms of strength, safety, admission route, and intended use. As such, these drugs offer the same clinical benefits as their brand-name counterparts. The rising number of government initiatives to promote the usage of generic medicines is expected to spur the branded generics market sales in the near future.?