Branded Generics Market: Why it Matters?

Branded Generics Market: Why it Matters?

When you see your doctor, they will prescribe a brand-name drug. When you bring the prescription to the pharmacy, they inform you that the medication is also available in generic form. Which one would you select? Branded medications or generic drugs?

Pharmaceutical businesses manufacture and market branded drugs under their names. Additionally, after a branded product's patent expires, generic medications are produced. This permits other producers to produce the same or comparable medications under other brand names. Not sure yet? Well, in this blog, let’s discuss what branded generic is, the branded generics market insights, and its growth drivers.

What is Branded Generic?

A generic medication that has completed the ANDA procedure and been given a name other than its chemical name is known as a branded generic. Following the expiration of their patents, the original manufacturers or a generic drug business may generate these branded generic medications. A branded generic name is the property of the business producing or marketing it. It needs to be bioequivalent to goods under the original brand. While branded generics cost more than original brands, they are less expensive than standard generics.

The Statistical Data of the Market

The global branded generics market was valued at USD 239.85 billion in 2022 and is expected to grow to USD 410.86 billion at a CAGR of 5.6% during the forecast period of 2032.

Market’s Growth Drivers

The introduction of generic drugs and high ANDA approval rates are key drivers of the growth of the branded generics market in the pharmaceutical sector. According to the FDA's annual report, there was an increase in the number of first generics approved in 2021, 93 versus 72 in 2020. It is noteworthy, therefore, that the total amount of ANDA approvals dropped from 1,014 in 2019 to around 948 in 2020 and then to 776 in 2021.

Also, the trend of ANDA approvals for generic medications is declining, which could limit the expansion of the business. Less approvals translate into fewer generic medications on the market, which may drive up costs for consumers and restrict their access to reasonably priced medical treatment.

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What is Increasing the Market Demand?

The sector is primarily impacted by the high number of pharmaceutical goods that are scheduled to expire from patents. In the upcoming years, this will aid in the growth of the branded generics market. Also, it is expected that the sector will benefit from an increase in the number of patents expiring and those for branded drugs. Over the projection period, the industry would benefit from a rise in incidences and the population's prevalence of chronic illnesses and disorders.

Recent Developments in the Market

  • The UN-backed Medicines Patent Pool (MPP) awarded sublicenses to Viatris, Inc., Aurobindo Pharma, and Cipla Inc. in March 2023 so they could manufacture branded generic copies of Apretude, an HIV treatment medication, at a lower cost. GSK plc is presently in charge of making the medication.

The Bottom Line

Increasing rates of chronic illnesses, including cancer, diabetes, and cardiovascular diseases, are, in fact, one of the main factors propelling the pharmaceutical industry's expansion. This is because there is a growing need for medications to control and treat these long-term illnesses. The sector is seeing expansion due to the growing prevalence of branded generic medications.

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