The Japan generic drug market is expected to grow at a CAGR of around 9% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Japan represents the world’s eighth biggest market for generic drugs in terms of value. Generic drugs, however, have traditionally enjoyed a relatively lower penetration in Japan compared to other developed markets such as the United States and Europe. Historically, the lower penetration of generic drugs in japan was due to several reasons. These included – the perception of inferior quality of generic drugs, the preference of branded drugs among physicians and patients and the limited profits to be made by physicians from pharmaceutical price differentials by prescribing low priced generics. Generic drugs also remained less popular in Japan because of the lack of generic substitution rights by Japanese pharmacists, slower review times in the drug approval process and difficulties working with major pharmaceutical distributors – many of whom were closely tied to major branded drug manufacturers.
The landscape of the japan generic drug market, however, has changed noticeably over the last decade. The Japanese government has identified growth of the country’s generic drug market as imperative to Japan’s long-term economic health. The Japanese government, recognizing the country’s increasing aging population as well as rising costs of branded drugs has begun instituting healthcare policy changes to cut their expenditures on medical costs. Drug costs account for around a fifth of the country’s total medical expenses and reducing this burden has become a cornerstone of Japan’s health administration policy. Substitution of low-cost generic drugs for innovator products has been identified as a strategy where major savings are possible. Driven by these initiatives, the penetration of generics has grown robustly over the past few years. This is expected to create huge opportunities for both domestic and foreign generic manufacturers in Japan.
The report entitled “Japan Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” represents an in-depth analysis on the historical, current and future market trends in the generic drug market in Japan. This research report serves as an exceptional tool to understand the drivers, sales trends, prescription trends, market structure, competitive landscape, regulations, key players, key drugs, manufacturing and the outlook of generic drug market in Japan. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who want to gain an insight into the generic drug market in Japan.
Key Questions Answered:
- What are generic drugs? How are they different from branded drugs?
- How has Japan’s generic drug market performed in recent years?
- What has been the impact of COVID-19 on the Japan generic drug market?
- How have generic drugs performed compared to branded drugs?
- What were the total sales and prescriptions for generic drugs in Japan?
- Who are the key players in the Japanese generic drug market? How have they performed?
- What is the structure of the Japanese generic drug market?
- What is the pricing mechanism of generic drugs in Japan?
- What is the value chain of generic drugs in Japan?
- What are the regulations for generic drugs in Japan?
- How are generic drugs distributed in Japan?
- How are generic drugs manufactured?
- What are the raw material and machinery requirements to manufacture generic drugs?
- What are the drivers and challenges in the Japanese generic drug market?