Specialty generics are the generic version of specialty drugs. These medicines are cost-effective compared to branded specialty medicine. They can be classified into oral, injectables, and others. Depending on the end-use, these drugs are categorized into specialty pharmacy, retail pharmacy, and hospital pharmacy.
Less-expensive Cancer Treatment
Less-expensive Cancer Treatment
Based on the application, the specialty generics drugs are categorized into oncology, multiple sclerosis, hepatitis C, inflammatory conditions, and others. In 2016, oncology segment estimated for the largest revenue share and is likely to continue this trend over the forecast period (2014 to 2025). This growth is associated with growing prevalence of cancers such as prostate cancer, breast cancer, colon cancer, lung cancer, leukemia, and melanoma. The death rate due to cancer is comparatively high in emerging countries with compared to developed countries. High cost associated with cancer treatment and drugs and unavailability of developed healthcare facilities in developing countries has increased the demand for low cost generic drugs. For instance, recently Natco Pharma introduced a generic form of pomalidomide capsules in India for treating type of blood cancer called melanoma. The product is sold under brand name POMALID in India. Same medicine is sold by Celgene Inc., in the US, with the brand name POMALYST.
Inflammatory conditions segment is anticipated to exhibit lucrative growth over the forecast period owing to growing rate of diseases such as tuberculosis, asthma, Crohn's disease, and rheumatoid arthritis. For instance, recently Pfizer Inc. gets an approval from the US FDA for Ixifi (PF-06438179, infliximab-qbtx). The product can be used to treat Crohn's disease, rheumatoid arthritis, pediatric Crohn’s disease, ankylosing spondylitis, ulcerative colitis, plaque psoriasis, and psoriatic arthritis.
Market Overview
According to Grand View Research, Inc., the worldwide specialty generics market is expected to achieve USD 174.9 billion by 2025. Factors such as growing rate of chronic diseases such as cancer, hepatitis C, multiple sclerosis, and others has increased demand for cost-effective drugs can drive the market during the forecast period. In addition, patent expiration of many specialty drugs to likely increase product demand.
Some of the leading companies operating in the market include Endo Pharmaceuticals, Inc.; Teva Pharmaceuticals USA, Inc.; Pfizer, Inc.; Valeant Pharmaceuticals International, Inc.; and Akorn, Inc.
In-Depth Research Report On Specialty Generics Market:
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