According to the latest report by IMARC Group, titled “Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the Canada generic drug market size reached US$ 6.24 Billion in 2019. Generic drugs refer to medications that have the same active ingredients and therapeutic effect as that of a branded drug. These drugs can be oral, intravenous, intramuscular, topical or inhalant. They do not require extensive marketing due to the established safety and efficacy profile of their branded counterparts. Generic drugs can only be introduced once the patent protection of the associated brand-name drug has expired. In recent years, there has been a rise in healthcare spending in Canada on account of the growing geriatric population, which in turn has resulted in high demand for pharmaceutical products like generic drugs. Also, an increase in government policies supporting research and development (R&D) have further strengthened Canada’s expertise in niche areas such as biologics and oncology.
Canada Generic Drug Market Trends:
A large population of Canada has been diagnosed with numerous lifestyle conditions such as cardiovascular diseases (CVDs), cancer, chronic respiratory diseases (CRDs) and diabetes. This, along with the aging population, has created a heightened demand for cost-effective drugs in the country. As generic drugs are economical counterparts of branded drugs, they play a crucial role in lowering the overall treatment costs of these diseases. Owing to this, the Government of Canada is introducing supportive policies, which are favorable for the generic medicines industry. For instance, the Government has introduced public drug programs, such as the Ontario Drug Benefit (ODB) Program and Trillium Drug Program, as an initiative to provide universal healthcare in the country. Although these programs utilize both brand-name and generic drugs, they encourage physicians and patients to opt for generic medicines wherever available, so as to lower the overall drug expenditure. Moreover, several leading companies are engaged in research and development (R&D) activities to create complex and differentiated products. This is done either through acquisitions or by building their capabilities. Looking forward, the market value is projected to reach US$ 6.96 Billion by 2025, expanding at a CAGR of 1.8% during the forecast period (2020-2025).
The Canada generic drugs market is concentrated in nature, with the top players holding the majority of the total market share. These players include Teva Pharmaceutical Industries Limited, Apotex Inc., Sandoz Inc., Sun Pharma Industries Ltd., Pharmascience Inc., and Mylan N.V.
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