Generic Drugs Market Revenue Worth $786 Billion by 2030 says P&S Intelligence
NEW YORK, March 17, 2021 /PRNewswire/ Almost 75% of the deaths in 2020 were because of chronic diseases, as per the World Health Organization (WHO). Among the diseases, the deadliest were ischemic heart disease, diabetes, cancer, and stroke. This is to be a major factor to propel the global generic drugs market size to $786.0 billion by 2030 from $278.4 billion in 2019, at a 10.0% CAGR between 2020 and 2030. This is because branded drugs are often expensive, which is why a large number of people in developing countries are not able to purchase them.
Generic drugs, on the other hand, are cost-effective, at the same time contain the same active ingredients and have a similar effect as patented drugs. In this regard, the generic drugs market is also being driven by the patent expiry of blockbuster medications. As patented drugs lose their certification, it gives pharmaceutical companies the opportunity to
Nichi-Iko Pharmaceutical Co.’s headquarters in Toyama on March 3 (Satoshi Tazoe)
TOYAMA Authorities are instructing a major generic drug company headquartered in the capital of the prefecture to suspend operations after officials discovered serious quality control violations.
The Toyama prefectural government issued a 32-day business-suspension order on March 3 to Nichi-Iko Pharmaceutical Co. under the Pharmaceutical and Medical Device Law.
“I deeply regret that the company’s quality control management system could not sufficiently respond to its growth rate,” Yuichi Tamura, the company’s president, said at a news conference.
According to the prefectural government and company officials, violations have occurred at the company’s Toyama Plant 1, located in Namerikawa in the prefecture, since at least around 2011.