Due to the surging geriatric population in several countries, the demand for generic drugs is growing sharply across the world. As per a report published by the World Health Organization (WHO), the average lifespan and life expectancy of the population is increasing rapidly. This is causing the geriatric population to boom all over the world. As healthcare and medical treatments with branded medicines and drugs cost a fortune, patients are, nowadays, preferring low-cost generic drugs.
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Apart from the surging geriatric population, the burgeoning customer preference for low-cost generics over the highly expensive branded medicines is also positively impacting the mushrooming sales of generic drugs across the world. Moreover, because of the soaring popularity of these drugs, many pharma companies around the world are waiting for various blockbuster and branded medicines to lose their patents. The patent expiration of some of these branded drugs is propelling the sales of generic drugs.
For example, the patent
protection of DULERA, which is sold by Merck Sharp & Dohme Corp., expired
in December 2020 and the patent protection of FORADIL, which is a drug sold by Novartis
AG, expired in November 2020. Besides this, the growing incidence of chronic
diseases is also fueling the worldwide demand for generic drugs. As per the WHO, three-quarters of
the total number of deaths that occurred across the world in 2020 were caused
because of chronic illnesses.
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Out of these, the
requirement for generic drugs was found to be the highest for the treatment of
infectious diseases during the last few years. This was because of the high
incidence of infectious diseases in several countries around the world. Globally,
the sales of generic drugs were the highest in Asia-Pacific in the past years
and this trend is likely to continue in the coming years as well. This will be
because of the rising incidence of chronic diseases.
