According to the latest report by IMARC Group, titled “Brazil Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Brazil generic drug market size is expanding at a steady rate. Brazil is one of the world’s largest countries in terms of area and population. It also has the leading healthcare market in Latin America, with the country spending around 9% of its GDP in this sector. Owing to significant growth in the geriatric population, the Government of Brazil passed the Generic Drug Act in 1999, which helped in reducing the overall expenditure on branded drugs, boosting the sales of generic drugs and supporting the domestic drug industry of Brazil. This act also reformed the pharmacological parameters for registering off-patent pharmaceutical products in the country. Furthermore, the implementation of the act led to a decline in the influence of the key multinational pharmaceutical firms in the domestic market. As a result, local pharmaceutical organizations not only managed to adapt to the new market scenario but also focused on becoming market leaders in the pharmaceutical sector.
Brazil Generic Drug Market Trends:
Generic drugs are bioequivalent of branded medicines in terms of their quality, dosage, form, effect, strength, side-effect, intended use and route of administration. Their manufacturing requires low capital investment and no extensive research and clinical trials, which saves both cost and time. As a result, generic drugs, being economical counterparts of branded medicines, play an essential role in minimizing the overall healthcare cost for both the patients and healthcare providers. Moreover, an increase in the prevalence of chronic diseases in the country, such as cardiovascular disorders, diabetes, Alzheimer’s disease and Parkinson’s disease, is creating a positive outlook for the generic drug manufacturers. Apart from this, the Health Surveillance Agency in Brazil, Agência Nacional de Vigilância Sanitária (ANVISA), 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 and the billion dollars’ worth branded drugs that will lose patent protection in the upcoming years are anticipated to strengthen the growth of the Brazil generic drugs market. On account of these factors, the market is expected to grow at a steady rate during the forecast period of 2019-2024.
- The report has examined the competitive landscape of the market and provides detailed profiles of the major players operating in the market. Some of these players include EMS S.A., Sanofi Group, Eurofarma Laboratórios S.A., Hypermarcas S.A., Sandoz, Ache Laboratories and União Química Farmacêutica Nacional S.A.
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