The latest report by IMARC Group titled, “Generic Oncology Drug Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global generic oncology drug market reached a value of more than US$ 20.4 Billion in 2017, growing at a CAGR of around 12% during 2010-2017. Generic drugs account for almost 80% of the total prescriptions across different medical specialties. After branded drugs go off-patent, manufacturers in the pharmaceuticals industry secure the right to develop and sell a generic version of those drugs. Generic drugs carry the same functional properties as their branded counterparts. Additionally, these are available in the market at a much cheaper price; almost one-tenth of the branded drug. Currently, there is a high demand for generic oncology drugs as a result of a growth in the number of cancer patients across the globe. Some of most commonly diagnosed cancers around the world include lung, breast, and colorectum cancers.
Highlights of the global generic oncology drug market:
- The market is driven by the patent expiry of several blockbuster drugs
- The market is expected to reach a value of US$ 36.7 Billion by 2023.
- Cost containment measures from the government and healthcare authorities are also expected to drive this market.
According to a research, in 2017 around 15 Million patients were diagnosed with cancer, among which more than 8 Million lost their lives to it. The major causes of the dissemination of cancer on such a wide scale are lack of awareness and high costs of treatment. Most patients, particularly in the developing regions, do not have access to expensive drugs and therapies that are required to cure cancer. Due to this, manufacturing of generic oncology drugs is promoted by both, government and non-government health organisations in order to provide treatment to the maximum number of people at affordable rate. Further, the market is expected to reach a value of US$ 36.7 Billion by 2023.
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