Generic Drugs Market: Global Industry Analysis and Forecast (2022-2029)

Mayurikathade28 Mar, 2023Business

Generic Drugs Market size was valued at US$ 414.39 Bn. in 2021 and the total revenue is expected to grow at 6.1 % through 2021 to 2029, reaching nearly US$ 665.48 Bn. Generic Drugs Market Overview: A generic drug is one that includes the same active component as the branded drug and has the same therapeutic effect. Safety, quality, dosage, strength, mode of administration, intended use, effect, form, quality, and side effects are all the same. Only once the brand-name drug's patent expires can these drugs be manufactured. Generic medications are less expensive to produce than branded drugs since they do not require the repetition of clinical (human) and animal research to demonstrate the medicine's efficacy and safety. Generics are often marketed at a significantly reduced price in the market due to a reduction in the upfront cost of research.