Brazil Generic Drug Market to Grow at 6.7% During 2024-2032, Fostered by Favorable Government Initiatives

September 26, 2019 | Healthcare

According to the recent report by IMARC Group, titled “Brazil Generic Drug Market: Industry Trends, Share, Size, Growth, Forecast and Opportunity 2024-2032,” the Brazil generic drug market size reached US$ 21.0 Billion in 2023. Generic drugs are similar to branded drugs in terms of dosage, effect, side-effect, quality, route of administration, safety, and intended use. They are only produced after the branded counterpart loses its patent. Brazil is among the world’s largest countries in terms of area and population. The increase in the geriatric population in Brazil is one of the major factors that have propelled the growth of the market. Due to this, the Government of Brazil passed the Generic Drug Act in 1999 to aid in reducing the overall expenditure on branded drugs, thereby lowering the healthcare costs for patients and making treatment accessible to all. This act also reformed the pharmacological parameters for registering off-patent pharmaceutical products in Brazil.

Brazil Generic Drug Market Trends:

Generic drugs require low capital investments and no extensive research or clinical trials as they have already been performed for branded drugs. This saves overall time and costs, making generic drugs an economical counterpart of branded drugs, and thereby minimizing healthcare costs for both healthcare providers and patients. Moreover, sedentary lifestyles have led to a rise in the cases of chronic diseases like diabetes and cardiovascular illnesses. This, along with the prevalence of Parkinson’s and Alzheimer’s diseases, has created a positive outlook for the market. Furthermore, Agência Nacional de Vigilância Sanitária (ANVISA), the Health Surveillance Agency in Brazil, announced that it would eliminate the delays in starting the reviews of generic drug applications by the end of August 2018. This reduction in analysis time is anticipated to strengthen the growth of the Brazil generic drugs market. Additionally, several branded drugs are on the brink of losing their patent protection in the near future, which is anticipated to bolster the market growth. On account of these factors, the market is expected to grow at a CAGR of 6.7% during 2024-2032.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, with some of the key players being Ache Laboratories, União Química Farmacêutica Nacional S.A., EMS S.A., Sanofi Group, Hypermarcas S.A., Sandoz, and Eurofarma Laboratórios S.A.

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Brazil Generic Drug Market to Grow at 6.7% During 2024-2032, Fostered by Favorable Government Initiatives
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