Generic drugs market growth is buoyed by increasing number of expiries of patented drugs each year. According to the IMS data small-molecule products worth US$ 121 Bn are expected to lose patents in developed markets, such as U.S ad Europe between 2014 and 2018. The IMS also forecasts that biologic products valued at US$ 48 Bn are expected to lose patent protection over the next three years i.e from 2017 and 2020, which is expected to drive growth of the generic drugs market. Competition has increased significantly in the global generics market with many Asia Pacific companies entering the developed markets such as the U.S., Germany, France, and UK. The last couple of years has witnessed as spurt in mergers and acquisitions between generic drug manufacturers, with major players focusing on enhancing their product portfolio through such inorganic strategies. For instance, Teva Pharmaceutical Industries Pvt. Ltd., Pfizer, Inc., Mylan, Sun Pharmaceutical, and Fresenius Kabi entered into acquisitions to increase their revenue share in the generic drugs market.
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Competitive Analysis- Top 10 generic drug manufacturers, in terms of revenue, in 2016, are as follows:
TEVA PHARMACEUTICAL INDUSTRIES
MYLAN N.V.
NOVARTIS INTERNATIONAL AG
PFIZER, INC.
ALLERGAN PLC
SUN PHARMACEUTICALS
FRESENIUS KABI
ENDO INTERNATIONAL
LUPIN LIMITED
SANOFI
Allergan though ranked at fifth position, sold its generics assets to Teva in 2015, and the deal closed in August 2016, which takes the company out of the race for generic drug manufactures for 2017, till the company receives new approval for generic drug manufacturing. This can favor Aspen Pharma to enter the top 10 generic drug manufacturers league in 2017. Sun Pharmaceuticals Ltd., headquartered in Mumbai, India, generated over US$ 3.6 Bn in generic sales in 2016. Sun Pharmaceutical doubled its size by the acquisition of Ranbaxy Laboratories in 2015, thus expanding its product portfolio. However, growth was hampered when the FDA issued a warning letter in 2015 for the Halol, India, API plant, which supplies the generic products in the U.S. Owing to this, Sun Pharmaceuticals is unable to receive new generic drug approvals.
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