The latest report by IMARC Group, titled “GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the GCC generic drug market size reached US$ 2,030 Million in 2018. Generic drugs are bioequivalent of brand-name drugs with respect to dosage, form, safety, strength, quality, effectiveness, stability, impact, intended use and the route of administration. These medicines have the same active ingredients and offer similar clinical benefits as branded drugs at a cheaper price point. However, their characteristics, such as color, shape and flavoring, may differ from the original, as altering these characteristics does not affect the safety or effectiveness of the medicines. Rising awareness among the majority of the population in the GCC region about the benefits of these drugs has created numerous opportunities for the manufacturers.
GCC Generic Drug Market Trends:
An increase in the prevalence of lifestyle and chronic diseases, including diabetes, cancer and obesity, in the GCC region on account of sedentary lifestyles and changing dietary preferences is one of the major factors contributing to the growth of the market. Along with this, the rising geriatric population across the region is another key factor driving the sales of generic drugs as they are more prone to illnesses and health disorders. Moreover, the treatment costs of various diseases using generic medicines are relatively lower than regular brand-name counterparts. The upcoming patent expiry of a number of blockbuster medicines is expected to expand the product portfolio of the manufacturers, thus creating a positive outlook for the market. Furthermore, governments of various GCC countries, such as Oman and the UAE, are promoting the uptake of generic drugs, which is providing a thrust to the market in the region. For instance, the Government of Oman introduced mandatory health insurance for the citizens and expatriates under the Unified Health Insurance Policy (UHIP) in March 2019. It is projected to increase the demand for pharmaceuticals in the country, which in turn will drive investments for generics manufacturing. On account of the aforementioned factors, the market is anticipated to witness steady growth during the forecast period of 2019-2024.
- On the geographical front, the market has been categorized into Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman. Amongst these, Saudi Arabia holds the leading position in the market, accounting for the majority of the overall market share.
- The competitive landscape of the market has also been studied in the report, with the detailed profiles of the key players operating in the market. Some of these include Hospira (Pfizer Inc.), Fresenius Kabi Ag, Hikma Pharmaceuticals PLC, Sandoz (Novartis), Sagent Pharmaceuticals, Inc., Sanofi S.A., and Baxter International Inc.
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