Generics are an off-patented drug that is pharmaceutical equivalents to branded medicines in term of administrative dosage, quality, effect, intended use and side effects. In the United States, generic drug production has increased because it is cheaper than any branded medicine. From the last 3 decades, U.S generic drug market has transformed from less than 20% of generic drug prescription to 80% of dispensing generic medicine prescriptions. As per the Renub Research report, United States Generic Drugs Market will be US$ 239.5 Billion by 2026.
Generic medicines help maintain the country’s healthcare system, from curing patients to saving money. Currently, the price of off-label drugs is 70% to 80% lower than branded medicines. In the United States, the decline in medicine price works as the biggest catalyst for the generic drug market growth. These generic medicines prices sometimes declined to 85% less than patented drugs; this happens when various generic drug companies target a single patented drug. Our research findings suggest that the United States Off-Label Drugs market will grow with a CAGR of 5.69% in future from 2020 to 2026.
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The United States government awareness for the use of generic drugs reduces overall health expenditure in the country. The FDA’s Office of Generic Drugs (OGD) within the Center for Drug Evaluation in Research ensures access to safe, high quality and affordable drugs to Americans. The U.S government made a law regarding the generic drug, allowing a new player to enter the market. Besides factors like the rising number of patients for diabetes, Alzheimer, cardiac diseases, an increasing number of drug patent expirations and government initiatives expected to drive the generic drugs industry. As per this research study, the United States Off-patent Drugs Market was US$ 171.8 Billion in the year 2020.
Generic Drug Companies Deals
On July 6, 2020, Endo announced that it had received FDA approval of Qwo® (collagenase clostridium histolyticum-aaes). Another company, named Lupin Limited manufactures generic drug Abacavir& Lamivudine, whose combination is being used together with other medications to treat human immunodeficiency virus (HIV) infection. We have covered companies’ initiatives that sell various generic drugs in the United States. Companies covered in the report are Teva Pharmaceutical Industries Ltd, Mylan N.V, Sandoz Inc, Endo Pharmaceuticals, Lupin Limited, Dr Reddy’s and Sun pharma.
Renub Research report title “United States Generic Drugs Market’’ By Segment (Generic, Branded), Therapy Area (CNS, Cardiovascular, Dermatology, Genitourinary/Hormonal, Respiratory, Anti – infective, Oncology and Others), Pharmaceutical (Branded Pharmaceutical, Generics Pharmaceutical), Company (Teva Pharmaceutical Industries Ltd, Mylan N.V, Sandoz Inc, Endo Pharmaceuticals, Lupin Limited , Dr Reddy’s and Sun pharma)” provides an all-encompassing analysis on the US Generic Drug Industry.
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