Generic Oncology Drugs Market
Branded oncology drugs are bioequivalent to generic drugs in dosage form, quality, strength, intended use, and administration route. After the expiry of the specific patent, any other manufacturer can copy and produce the same branded drugs at an affordable cost. The key advantage of generic drugs is that they are less expensive than branded drugs as they don't have to go through expensive clinical trial stages and pay for marketing, advertising, and promotion. Generic drugs should have the same active ingredient, the same administration route, the same dosage strength, and form as per FDA rules and regulations for branded drug substitution.
The two main growth factors expected to drive the generic oncology drugs market in the future are increasing expenditure on cancer-related research and development activities by multiple governments and private and commercial organizations and rising investments for anti-cancer drugs. It is anticipated that a notable product pipeline will drive profitable possibilities for generic oncology drugs market in the years ahead. Furthermore, with the industry pipeline achieving a historic level of late-stage growth, the generic oncology drugs market is expected to grow notably. The increasing research activities for oncology drugs by key companies operating in the generic oncology drugs market and a large number of pipeline products are also boosting the market globally. These companies are majorly focusing on developing generic forms of oncology drugs.
The global generic oncology drugs market is fragmented on the basis of molecule, administration route, and distribution channel. By molecule, the global generic oncology drugs market includes small and large molecules. Based on administration route, the global market includes oral and parenteral. The distribution channel segment of the generic oncology drugs market comprises hospital pharmacy, retail pharmacy, and online pharmacy.
The Asia Pacific generic oncology drugs market is expected to register a high rate of growth in the future and present important income generating possibilities for drug manufacturing companies. Increasing research and development activities related to biological and targeted drug therapies, early expiry of patents, and rising concentration on personalized therapy medication are some key factors contributing to the Asia Pacific market for generic oncology drugs. However, strict laws concerning drug discovery and development process in Japan could limit the regional market for generic oncology drugs.
Some major companies in the global generic oncology drugs market are Amgen, Bayer Healthcare, Teva Pharmaceutical, Boehringer Ingelheim, Pfizer, AstraZeneca, Eli Lily and Company, Hoffmann-La Roche, ARIAD Pharmaceuticals, CELGENE Corporation, GlaxoSmithKline, Novartis, Johnson and Johnson, Merck, AbbVie, and Sanofi.
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