Canada Generic Drug Market to Reach US$ 19.2 Billion by 2032, Propelled by Growing Promotion and Incentivization of Generic Drugs

April 13, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Canada Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, the Canada generic drug market size reached US$ 9.7 Billion in 2023. Generic drugs are identical and more affordable pharmaceutical drugs of brand-name variants that comprise similar active ingredients, strength, dosage form, and intended use as their branded counterparts. Instead of being marketed under their brand name, they are marketed under their chemical or generic names. Despite containing different inactive ingredients than their brand-name counterparts, they contain the exact same active ingredients as their brand-name counterparts, which makes them an efficient alternative. Regulatory authorities approve generic medications before they can be sold to the public, ensuring their safety for patient consumption. Generic drugs meet the same quality and safety standards as brand-name drugs as well as the same strengths and dosage forms. Additionally, these drugs make essential medicines more readily available, particularly in low-income countries.

Canada Generic Drug Market Trends:

The market in Canada is majorly driven by the escalating demand for cost containment in drug manufacturing. This can be attributed to the expanding healthcare expenditure, along with an enhanced focus on value-based patient care. In line with this, the growing prevalence of numerous chronic diseases, such as diabetes and cardiovascular disease requiring exhaustive medication management, is also impacting the market positively. Moreover, the growing geriatric population that is susceptible to more ailments, thereby requiring more medications, is providing an impetus to the market. Additionally, the rising awareness regarding the benefits of using generic drugs among patients and healthcare providers is resulting in a higher uptake of generic drugs on small- scale as well as large-scale applications. Favorable initiatives taken by the Canadian government promoting and incentivizing the use of generic drugs by regulating the prices of patented drugs in Canada and expediting generic drug approval processes are also acting as a growth-inducing factor for the market. The market is further fueled by the fierce competition among drug manufacturers with a growing number of market entrants, resulting in lower drug prices and increased availability. Some of the other factors contributing to the market include the growing number of patent expirations, continual technological advancements and product innovations, the introduction of prescription drug coverage schemes, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 19.2 Billion by 2032, exhibiting a CAGR of 7.6% during 2024-2032.

Market Summary:

The competitive landscape of the market has been examined with some of the key players being Apotex Inc., Mylan Pharmaceuticals ULC, Pharmascience Inc., Sandoz AG, Sun Pharma Industries Ltd., and Teva Pharmaceutical Industries Limited.

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Canada Generic Drug Market to Reach US$ 19.2 Billion by 2032, Propelled by Growing Promotion and Incentivization of Generic Drugs

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