Generic Drugs Market in Japan 2015-2019
About Generic Drugs
A generic drug is a duplicate of brand-name drugs and has the same dosage form, active ingredient(s), potency, route of administration, quality, and intended use as that of branded drugs. Generic drugs enter the market once the patent protection of the original developer expires. Generally, the cost of generic drugs is 50-70 percent lower than that of their brand-name counterparts, while meeting the very same standards of safety, quality, and efficacy as the innovator drugs. Generic drugs help the manufacturer by eliminating the need to develop and market a new drug. As the patent approaches expiration, manufacturers can apply to the FDA for approval to manufacture and sell generic versions of the drug. Generic drugs are equal to and within the bioequivalence range of branded drugs.
TechNavio's analysts forecast the Generic Drugs market in Japan to grow at a CAGR of 8.16 percent over the period 2014-2019.
Covered in this Report
The Generic Drugs market in Japan can be divided into three segments: Generic Prescription Medicines, Super Generics, and Biosimilars. This report covers the present scenario and the growth prospects of the Generic Drugs market in Japan for the period 2015–2019. To calculate the market size, the report considers the revenue generated from the following segments:
TechNavio Announces the Publication of its Research Report – Generic Drugs Market in Japan 2015-2019
TechNavio recognizes the following companies as the key players in the Generic Drugs Market in Japan: Meiji Seika Pharma Co. Ltd., Nichi-Iko Pharmaceutical Co. Ltd., Nipro Pharma Corp., Sawai Pharmaceuticals Co. Ltd., Teva Pharmaceutical Industries Ltd. and Towa Pharmaceutical Co. Ltd.
Other Prominent Vendors in the market are: Actavis, Daiichi Sankyo, Daito Pharmaceutical, Eisai, Fuji Pharma, GlaxoSmithKline, Hikari Pharmaceutical, Hospira, Mylan, Nihon Generic, Nippon Chemipher, Nippon Kayaku, Nissin Pharmaceutical, Ohara Pharmaceutical, Pfizer, Sandoz, Taiyo Yakuhin, Takeda Pharmaceutical and Zensei Pharmaceutical Industries.
Commenting on the report, an analyst from TechNavio’s team said: “Increased initiatives by government and healthcare service providers are one of the major trends emerging in the market. Doctors and pharmacists are encouraged to use generics and reassure patients of their quality and efficacy.”
According to the report, the patents of many first-generation approved biopharmaceuticals are set to expire within the forecast period, leading to competition from generic drugs. As a result of the economic crisis, the development of new drugs has been hindered. Major companies in the market have allocated minimal funds for the R&D of innovative drugs. This has led to the drying up of pipeline drugs, paving the way for the Generic Drugs market.
Further, the report states that intense competition among vendors is one of the primary challenges, leading to a decrease in profit margins and an increase in pricing pressure. As a result of the intense competition, leading vendors are currently operating on low-profit margins with severe pressure on pricing strategies.
Meiji Seika Pharma, Nichi-Iko Pharmaceutical, Nipro Pharma, Sawai Pharmaceuticals, Teva Pharmaceutical Industries, Towa Pharmaceutical, Actavis, Daiichi Sankyo, Daito Pharmaceutical, Eisai, Fuji Pharma, GlaxoSmithKline, Hikari Pharmaceutical,Hospira, Mylan, Nihon Generic, Nippon Chemipher, Nippon Kayaku, Nissin Pharmaceutical, Ohara Pharmaceutical, Pfizer, Sandoz, Taiyo Yakuhin, Takeda Pharmaceutical, Zensei Pharmaceutical Industries