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(Medical-NewsWire.com, June 21, 2017 ) Middle East and Africa Generic drugs market was worth USD 22.02 Billion in 2015 and is expected to reach USD 33.83 Billion by 2021 with a CAGR of 8.96 %. This market will increase tremendously during forecast period.
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Generic drugs are medication which have exactly same intended use, dosage, effects, risks, safety, side effects, and strength as the branded drug. They are far less expensive compared to branded drugs. Generic drugs are also known as abbreviated drugs. It can enter the market only after branded drug’s patent expires.
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The cost-effectiveness of abbreviated drugs has given it a competitive lead over branded drugs in the market. Key driving factor for generic drugs is patent expiry for branded drugs. Patent for Branded drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150 Billion worth of patents for branded drugs will expire by 2020 which will give generic drugs a huge advantage. One more trend which influences market growth is outsourcing. Uncovered markets in this region are going to expand which is main reason for development in market. Vendors are using outsourcing as a strategy to reduce their capital which will be an advantage to generic drugs. Only restraint for this market is rigid rules setup by FDA for approval of these drugs and the threat of counterfeit drugs.
Generic drugs market is segmented into Biosimilars, Simple generic and Super generic. Based on therapeutic drugs, they are further segmented into Cardiovascular products, anti-infective products, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and others. Super generics are sold at higher price than their pure generic counterpart. Super generics account for 18% of total spending on generic drugs. But biosimilars are comparatively cost effective even among generic drugs. Biosimilar drugs is expected to have significant growth during the forecast period. Based on Geography, this region is further divided in to Middle East & Africa
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Key players in this market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.
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