Geriatric population is contributing to the market growth
The Indian Generic Drugs Market is expected to grow at a steady CAGR of 6.97% through to 2028 from US$24.53 billion in 2022, according to a ResearchAndMarkets report on the industry.
The growing prevalence of chronic diseases such as diabetes, cardiovascular disease, etc., and sedentary lifestyle propel market growth, said the “India Generic Drugs Market” report.
The expanding geriatric population is contributing to the market growth as the comorbidities are more in the old population, thereby needing proper medications with the easiest route for drug administration, the report said on 3 Aug 2022.
“In developing countries like India, Government and other regulatory bodies have encouraged manufacturers to launch effective generic drugs supporting market growth,” said the report.
“The introduction of 3-D printing technology helps in manufacturing generic drugs with varying release dates and tastes and is expected to propel market growth.
“The short expiration and gap between re-filing of the new drug encourages various companies to produce generic drugs owing to rise in competition which further reduces the generic medication prices.
“Enhancing accessibility to healthcare services and growing healthcare awareness among the public drive market growth,” the report said.
It noted several initiatives undertaken by the Government on raising awareness of the availability of generics like Pradhan Mantri Bhartiya and Jan Aushadi Yojana, offering quality medicines at affordable prices to the people.
These schemes are popular among people in the low-income categories.
The significant players operating in the market are:
Sun Pharmaceutical Industries Limited,
Torrent Pharmaceuticals Limited,
Cipla Limited,
Lupin Limited,
Piramal Group,
Glenmark Pharmaceuticals Limited,
Biocon Limited,
Dr. Reddy’s Laboratories Limited,
Aurobindo Pharma Limited,
Teva Pharmaceuticals Limited. fiinews.com
