The growing number of generic drugs in the market today is primarily attributed to the patent expirations in various medical fields, including inhalers and nasal sprays. The absence of the need for research and development or major marketing strategies allows the average price of generic drugs to have been US$35.22 in 2008, as opposed to the US$137.9 average for branded drugs, according to the NACDS.
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Asia Pacific to Lead to Healthy Growth Avenues for Inhalation and Nasal Spray Generic Drugs
On the basis of drug class, the segment of combinations, which accounted for the dominant share in revenue in 2014 and 2015, is expected to remain the leading drug class over the report’s forecast period as well. The segment is expected to reach the valuation of US$6.4 bn in 2016. In terms of geography, the market for inhalation and nasal spray generic drugs in Asia Pacific is projected to emerge as the regional market with the most promising growth opportunities over the forecast period. The two leading regional markets in the present scenario – North America and Europe, will continue to constitute the top share in terms of revenue contribution over the forecast period, but will lead to less promising growth opportunities as compared to Asia Pacific owing chiefly to mature marketplaces and more preferences to branded drugs.
Cost Effectiveness of Generic Drugs Help Boost Sales
Looming patent expirations of some of the leading drug classes prescribed for a number of inhalation-related conditions is one of the key factors boosting the sales of generic inhalation and nasal spray drugs. The substantially low costs of generic drugs are also a key factor behind the higher preference given to them across cost-conscious regions.
The increased awareness regarding the significant reduction in the cost burden of treatment of a number of commonly occurring diseases on the overall healthcare funds of a country are also compelling government and healthcare authorities to educate masses about the variety of generic drugs available in the market. Moreover, the vast rise in prevalence of breathing-related conditions such as chronic obstructive pulmonary disease and asthma across the globe and the rising demand to lower down healthcare costs are also expected to drive the market.
Stringent Regulations in Emerging Economies Could Hinder Growth Prospects
Owing to the large number of companies foraying into the generics sector for inhalation and nasal spray drugs, quality and integrity of generic inhalers is increasingly becoming a cause of concern for the masses as well as authoritative healthcare bodies in emerging economies. Countries such as Brazil and India are increasingly featuring strict regulations concerned with the process of approving new generics. These regulations are expected to hinder the growth opportunities of the global inhalation and nasal spray generic drugs market to a certain extent in the next few years.