According to the latest report by IMARC Group, titled "Japan Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Japan generic drugs market size reached US$ 288 Billion in 2019. Generic drugs are bioequivalent of brand-name drugs, which are similar in terms of safety, strength, quality, dosage form, stability, impact, intended use and the route of administration. The active ingredients in these drugs also work in the same manner and amount of time as their branded version. However, certain characteristics, including color, shape and flavoring, can differ from the original version since altering these characteristics does not affect the safety or effectiveness of the medicines. Proven to be as safe and effective as their branded counterparts, generic medicines are available at an affordable price point since the manufacturers do not have to invest in drug discovery, preclinical and clinical trials, and promotional campaigns.
Japan Generic Drug Market Trends:
In Japan, generic drugs have experienced a relatively lower penetration rate as compared to other developed countries, primarily due to the preference for branded drugs among patients and physicians. As a result, initiatives undertaken by the Government of Japan have been crucial in facilitating the market growth. For instance, the Government has initiated several administrative and educational programs to reduce brand loyalty among physicians. It has also introduced policies to offer incentives to ensure the proactive distribution of generic drugs by pharmacies. Consequently, growing awareness among the masses regarding the efficiency of and the cost benefits provided by generic medicines is projected to create numerous growth opportunities for new entrants in the market.
Furthermore, the market for generic drugs in Japan is driven by a significant increase in cardiometabolic risk factors among the population. Rising prevalence of hypertension, hyperlipidemia, diabetes, dyslipidemia, metabolic syndrome and obesity in the country has been witnessed in recent years, especially among the middle-aged and older population. This has consequently escalated the demand for affordable medicines in the country, thereby creating a positive outlook for the market. Apart from this, the increasing geriatric population is expected to catalyze the market growth in Japan. Moreover, the upcoming patent expiry of a vast array of blockbuster drugs is projected to expand the product portfolio of the manufacturers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 438 Billion by 2025, growing at a CAGR of 7.2% during the forecast period (2020-2025).
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the key players operating in the industry.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal