Top 16 Affordable Generic Medications Companies

The analysis reveals areas where companies can focus their attention as they step up efforts to expand access to their essential medicines. Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market pomalidomide price philippines Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. The Diagnostic Products segment contains a diverse range of diagnostic systems and tests that are produced, marketed, and sold around the world.

AbbVie Inc. [Annual Revenue: USD 14.301 Billion]

TevaPharmaceutical Industries Limited is a renowned global pharmaceuticalcorporation dedicated to facilitating worldwide patient access tocost-effective medications and leveraging innovations to enhance healthoutcomes. The company’s overarching objective is to assume a prominent globalposition in generics, pioneering medicines, and biopharmaceuticals, therebyenhancing patient well-being. Sun Pharma is a global pharmaceutical company committed to conducting business with the highest standards of professional integrity and ethical behavior. They offer a wide range of pharmaceutical products and aim to improve the health and well-being of people around the world.

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They have a strong focus on healthcare innovation and improving access to life-saving treatments. Hisun Pharmaceutical is a comprehensive pharmaceutical enterprise that specializes in the research, development, production, and sales of innovative drugs, biological drugs, and generic drugs. With a portfolio covering various therapeutic areas including anti-tumor, anti-infection, and cardiovascular, Hisun Pharmaceutical is dedicated to delivering world-class quality medications and making crucial contributions to human life and health. Linz Pharmaceuticals is a company specializing in the production and distribution of generic pharmaceutical products.

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Additionally,launches encompassed tacrolimus for immune system suppression post-organtransplantation and sugammadex for reversing the effects of muscle relaxants,reflecting STADA’s unwavering commitment to innovation and patient well-being. Inthe European market, Aurobindo Pharma Limited maintains a robust presenceacross 10 countries, boasting fully operational pharmacies, hospitalfacilities, and a comprehensive infrastructure for tender sales. It ranks amongthe top ten generic companies in eight countries, including four of the topfive EU nations. Continuouslyexpanding its generic IV drug portfolio, Fresenius Kabi also introduced ZincSulfate, with one of its stock-keeping units earning a Competitive GenericTherapy (CGT) designation.

Advantages of Generic Medicines:

In addition, the patent expiration of several blockbuster drugs is anticipated to boost the segment’s growth rate. Through the research, development, manufacture, marketing, sales, and distribution of biopharmaceutical products around the world, they apply science and our global resources to offer cures to people that extend and dramatically improve their lives. They work to promote wellness, prevention, treatments, and cures for the world’s most feared diseases in developed and emerging economies. They work with healthcare professionals, governments, and local communities all around the world to support and expand access to safe, affordable healthcare. Developed Markets, Greater China, JANZ, and Emerging Markets are just a few of the markets and geographies covered by Viatris. This strategy represents the Company’s commitment to making its large and diverse portfolio of branded, complicated generics, and generic medicines available to people in markets around the world.

Navigating Global Pharma: The Rise of Generic Drugs

DOC PHARMA exports its products to various European countries and has the potential for global expansion. Abbott, founded in 1888, is a global healthcare company renowned for its generic drug division offering a broad range of pharmaceuticals across therapeutic areas like cardiovascular, CNS, and women’s health. With a focus on quality, affordability, and innovation, Abbott continues to expand its portfolio through strategic acquisitions and R&D investments, ensuring the delivery of high-quality, accessible healthcare solutions worldwide. Aurobindo Pharma has established itself as a significant player in the global generic drug market with a substantial presence in critical markets worldwide, including the United States and Europe. The Fresenius SE & Co. consists of the operating Companies Fresenius Kabi and Fresenius Helios and the Investment Companies Fresenius Medical Care and Fresenius Vamed.

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• These drugs are bioequivalent to their brand-name counterparts, offering the same therapeutic benefits but at a fraction of the cost.
• One unexpected finding from the investigation is the increasing competition among the top companies.
• Generic drugs are 85 % less expensive than conventional drugs, so in the United States, 9 out of 10 prescriptions are filled with generic drugs, saving almost $2.2 trillion over the past decade.
• According to the FDA, India is the second-largest provider of finished dose pharmaceuticals to the US, and accounts for nearly 20% of the global exports of generics.
• Geolab is committed to providing affordable and high-quality medications to improve people’s health and well-being.
• Also, as generic-friendly policies are expected to be enacted, the market share of patented drugs is expected to erode further in the next decade, thereby resulting in the growth of the generic drugs market worldwide.
• With an extensive rangeof offerings, the company is focused on strengthening its presence in keydomestic markets such as India, alongside South Africa, North America, andother pivotal regulated and emerging markets.

With a commitment to sustainability and corporate responsibility, Viatris aims to improve global healthcare and enhance patient outcomes. While there is continued unrest in some regions, both economically and politically, the regional pharmaceutical market is becoming more attractive. In addition, although most of the market was held previously by the originator drugs, new guidelines favoring generic drugs are being implemented worldwide. Publicly funded health systems are under amplified pressure to reduce the ever-rising drug budgets. The government is finding ways to restore the fiscal balance by transferring more funds to patients and private health insurance.

Asia-Pacific To Remain Largest Growth Region For Generic Drugs In 2024

With a robust network of 43 manufacturingfacilities, the company delivers high-quality, cost-effective medicationstrusted by healthcare professionals and patients across more than 100 countriesworldwide. With a focus on innovation and customer satisfaction, Aurobindo Pharma offers a wide range of healthcare products globally. Generic drugs sales are facing increasing challenges in the US, mainly due to pricing pressures. Politicians are beginning to target the high costs of medicine through the inflation reduction act and other ongoing legislation, with undifferentiated generic drugs being targeted for such cost controls. This has led many US and foreign generic drug companies to lower their expectations for growth in the US.

• These companies offer a wide range of generic drugs across various therapeutic areas such as cardiovascular health, respiratory health, and more.
• The government’s involvement is essential in facilitating the export of generic medicines through policies and laws that promote competition and ensure affordability.
• The world’s leading producers of generic and biosimilar medicines – such as the five market leaders profiled in this report – occupy a central position in the global health landscape.
• The industry is constantly evolving, driven by advancements in technology, increasing demand for affordable medications, and government policies aimed at promoting generic drug use.
• Fresenius Kabi produces generic drugs as a subsidiary of the company, leading a major growth area in healthcare.

World’s Prominent Companies Offering Generic Drug; Top 10 by Revenue

Grupo NC is a Brazilian pharmaceutical company that specializes in the production and distribution of generic medications. The cardiovascular segment is estimated to showcase a healthy CAGR during the forecast period. CVDs are one of the leading causes of death worldwide, including heart failure, circulatory disorders, high blood pressure, cholesterol, dyslipidemia, angina, arrhythmias, and stroke. Moreover, the cardiovascular segment covers more than 6% of the global generic drug market due to a series of cardiovascular drug patent expiration. In addition, global population growth and aging benefit the healthcare sector and the manufacturers of generic drugs. Hetero.com is a pharmaceutical company that specializes in the research, development, and production of high-quality and affordable medicines.

• In this blog, we unveil the top 10 generic drug companies that are leading the charge in revolutionizing the industry.
• They boast a diverse portfolio of over 1,400 molecules and maintain a strong presence in over 160 countries.
• In their quest to find new medicines, the company consistently rank among the world’s top companies investing in research and development.
• This industry is crucial in providing affordable healthcare options to patients around the world.Within this industry, there are various companies that specialize in producing and distributing generic medications.
• Despite reduced pharmacy prices, out-of-pocket costs for entecavir, a generic Hepatitis B antiviral, increased for privately insured patients from 2014 to 2018.
• Some of these products have been registered in very few LMICs, and analysis of the companies’ product registration practices in LMICs shows significant variation between companies.
• Generic drugs present several key benefits, foremost among them being the significant reduction in healthcare expenses.
• Disparities in disease prevalence between developed and developing countries can result in gaps in the utilization of specialty medicines.

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Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices are the four reportable segments for Abbott. They started with the production of solid dosage forms and later expanded to other types of dosages. Their goal is to provide reliable and affordable pharmaceutical facilities to all types of customers.

[Ranking] TOP 25 Generic Drugs / Pharmaceuticals Companies Q3/2023

The quality issues of generic drugs are another significant challenge to the global market growth. To get approval from the Food and Drug Administration (FDA), generic medicines should be demonstrated to be the same as brand-name medicines in dosage, effectiveness, strength, safety, quality, stability, and how they are taken. The FDA generic drug program conducts a thorough review before approving the medicines to ensure they meet these requirements.

With locations in San Giorgio a Cremano and Pomezia, Italy, they provide quality medications and collaborate with industry partners. The company values privacy and adheres to policies to ensure the security of their customers’ personal data. Intas is a leading multinational pharmaceutical formulation development, manufacturing, and marketing company. They operate in more than 85 countries and have a strong presence in highly regulated markets like the EU and US. With a focus on good health and happiness, Intas offers a wide range of high-quality pharmaceutical products globally.

• The government is finding ways to restore the fiscal balance by transferring more funds to patients and private health insurance.
• Viatris manufactures oral solid dosages, injectable, complicated dosage forms, and APIs at roughly 50 manufacturing sites across the world.
• This strategy represents the Company’s commitment to making its large and diverse portfolio of branded, complicated generics, and generic medicines available to people in markets around the world.
• The company has entered into strategic partnerships with other pharmaceutical companies to develop generic drugs and expand its patient base.
• One of the sub-industries within pharmaceuticals is the generic drugs sector, which focuses on producing affordable versions of brand-name drugs.
• Initiatives, such as the Access to Medicine Foundation’s work, aim to mobilize generic medicine manufacturers, ensuring greater access to generic medicines.
• Any comments or data included in the report are solely derived from BMI and independent sources.
• These companies have demonstrated exceptional growth, strategicforesight, and operational excellence, enabling them to navigate complexregulatory environments and fierce competition within the pharmaceuticalindustry.

Sectors & research

Viatris Inc. is a global healthcare firm founded in November 2020 by the merger of Mylan and Upjohn. Viatris seeks to provide improved access to inexpensive, high-quality medications for patients worldwide, regardless of region or circumstance, by combining the assets of these two businesses. Laurus Labs is an innovative company with world-class research capabilities, specializing in the manufacturing and marketing of pharmaceutical products. Laurus Labs is committed to developing new cures, building a profitable business, and improving the quality of life through affordable medicines.

IVAX Argentina – Teva

These firms are expanding their global footprint through strategic partnerships, acquisitions, and collaborations. By establishing a presence in diverse markets, they contribute to healthcare access and the overall economic development of their regions. With over 5 decades of experience, we are actively involved in the development, manufacturing, and marketing of branded generic pharmaceutical products. Our mission is to spread smiles across communities by enhancing access to a better healthcare system through our innovative products and services.

Committed to health, Teva is a global leader in generic and specialty medicines across various therapeutic areas. Sandoz is a pharmaceutical company that focuses on prescription and over-the-counter medicines. Normon is a pharmaceutical company that has been manufacturing high-quality prescription and non-prescription drugs for 80 years.

Hetero Drugs Ltd

India asserts its dominance by claiming a substantial 20% share in the global generic drug market, securing its position as the largest international provider. The nation emerges as the global leader, fulfilling over 50% of the global demand for generics. Projected to reach $65 billion by 2024 and $130 billion by 2030, India’s pharmaceutical sector demonstrates significant growth potential from its current $50 billion valuation. With exports to over 200 countries, India fulfills crucial global medicine needs, serving as a key healthcare provider. In India, for example, the ‘Pradhan Mantri Bharatiya Janaushadhi Pariyojana’ scheme is pivotal in the nation’s efforts to increase the domestic availability of low-cost generics.

Orion is a pharmaceutical company that offers a wide range of generic prescription drugs, self-care products, and innovative medicines. They specialize in the development, manufacturing, and marketing of high-quality pharmaceuticals for various medical conditions. Sandoz (Novartis) Sandoz, a division of Novartis, stands as a leading global player in generic pharmaceuticals and biosimilars. Renowned for its expansive portfolio of high-quality and affordable generic medications, the company has firmly established its presence in Europe, the United States, and Japan. The growing demand for cost-effective drugs in the European region primarily drives market growth.

Founded in 1983, Sun Pharmaceutical Industries Ltd. (Sun Pharma) is one of the world’s largest specialty generic pharmaceutical companies with over 40 manufacturing facilities. Cardiology, psychiatry, neurology, gastroenterology, ophthalmology, and psychiatry are some of the therapeutic areas where the company is a significant player. With operations in over 100 countries, Sun Pharma is a global company, with a well-positioned presence in markets, such as the United States, Europe, Japan, and India. Apotex is a global pharmaceutical company that offers a wide range of generic and over-the-counter medications. They are committed to providing affordable and high-quality healthcare solutions to improve the lives of people worldwide. Teva Pharmaceutical Industries Ltd. is a global leader in generics and biopharmaceuticals, dedicated to improving the lives of patients worldwide.

Despite this foreign dominance, India has emerged as a significant global player in the generic medicine market, marking key milestones in its history. Driven by Knowledge and Services, InviMeds to become essential to its customers by providing access to most advanced treatment medicines and related services to help improve people’s quality of life. Recent studies reveal concerning trends in the availability and pricing of generic drugs for Hepatitis B and C. Despite reduced pharmacy prices, out-of-pocket costs for entecavir, a generic Hepatitis B antiviral, increased for privately insured patients from 2014 to 2018. Additionally, certain Medicare Part D plans failed to cover generic Hepatitis C drugs in 2019, resulting in missed savings opportunities. The export of generic medicines enables countries to share their pharmaceutical resources and expertise with others.

The Sandoz Division of the corporation is a global leader in generic pharmaceuticals and biosimilars, pioneering unique techniques to help people access high-quality medications all around the world. Sandoz is the only generics firm in the top three in all major regions of the world, reaching over 500 million people annually and helping healthcare systems save money around the world. They have over 1,000 molecules covering a wide range of therapeutic areas and are a renowned pioneer in antimicrobials with over 150 product and technology combinations. Amriya Pharma is a company that offers pharmaceutical manufacturing and development services. They specialize in the production of high-quality generic medications and contract manufacturing for other pharmaceutical companies. Recent trends in the generic drugs industry include increased consolidation among companies, with larger players acquiring smaller ones to expand their product portfolios.

As a leading global medicines company, they use innovative science and digital technologies to create transformative treatments in areas of great medical need. In their quest to find new medicines, the company consistently rank among the world’s top companies investing in research and development. Novartis products reach nearly 800 million people globally and they are finding innovative ways to expand access to their latest treatments. A generic drug is a medication containing the same active ingredient as a brand-name drug, but typically sold under its chemical name at a lower cost. These drugs undergo stringent testing to ensure they are bioequivalent to their branded counterparts, offering the same safety and efficacy.

Lupin is a global pharmaceutical company that specializes in the development, manufacture, and sale of a wide range of generic and specialty drugs. With a focus on key therapeutic areas like cardiovascular and respiratory health, Lupin offers innovative and cost-effective solutions to patients and healthcare providers worldwide. Aspen Pharmacare Holdings Ltd (Aspen) is a prominent supplier of specialty and generic pharmaceuticals for the treatment of various acute and chronic ailments. Aspen Pharmacare has a robust quality management system and adheres to strict regulatory compliance standards and is approved by multiple regulatory agencies on a global level. Aspen’s generic drugs provide a cost-effective option for patients, thereby enhancing accessibility to its products for a broader population, particularly in emerging markets.

In 2020, Mylan merged with Upjohn to form Viatris Inc., marking the end of its independent existence. Lupin Limited is an Indian pharmaceutical firm, that has firmly established a prominent presence in the global generic drug market. The company offers a wide range of generic drugs for various ailments such as cardiovascular, central nervous system, and respiratory drugs.

As aleading global generic pharmaceutical enterprise, it facilitates access tomedical treatments through its extensive portfolio exceeding 1,000 productsspanning various therapeutic categories. Furthermore,Viatris plays a crucial role in the manufacturing of complex pharmaceuticals.These are medications characterized by complex active ingredients,formulations, delivery routes, or drug-device combinations. Sandozboasts a diverse global portfolio comprising approximately 1,500 high-qualitybiosimilar and generic medications. Annually, it delivers over 800 milliontreatments to patients, resulting in over USD 18 billion in direct savingsacross the US and Europe. This not only enhances healthcare accessibility butalso facilitates resource allocation, leading to an estimated annual socialimpact of around USD 400 billion worldwide.

They offer a range of medications for various therapeutic groups, including anti-infectives and systemic treatments. With their online distribution system and distribution portal, they provide 24/7 access to their products. Linz Pharmaceuticals is committed to quality concerns and follows the guidelines outlined in their IMS Policy. The generic drugs industry has a profound influence on various sectors, including healthcare, insurance, and consumer spending.

Discover the Top 17 Healthcare Diagnostics Companies revolutionizing healthcare with innovative diagnostic solutions. The concept of digital health is having a big impact on healthcare, especially when it comes to improving … InFebruary 2023, a wholly owned subsidiary of Sun Pharma secured final approvalfrom the US Food and Drug Administration (FDA) for its Abbreviated New DrugApplication (ANDA) concerning generic lenalidomide Capsules in multiplestrengths. Similarly, in May 2022, the company received final FDAapproval for its ANDA for generic Mesalamine Extended Release Capsules, 500 mg,based on Pentasa® Extended-Release Capsules, 500mg as the reference product. Ayushman Bharat PM-JAY, the world’s largest health assurance scheme, provides Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization.

In contrast to branded products, generic drugs have the same API pharmacokinetic and pharmacodynamic properties. It is also bioequivalent to currently available branded drugs but differs in fillers, preservatives, form, packaging, and flavor. Branded drug manufacturers spend money on research and development and ads for their new products, and they are granted a monopoly for a set period. However, when a patent expires, manufacturers may ask the FDA for permission to produce generic drugs. Consequently, generic medications are less expensive than marketed drugs, and almost 80% of prescription drugs are generic. Metformin, metoprolol, amphetamine salt combo, acyclovir, bupropion HCL tablet, cholestyramine, ibuprofen tablet, letrozole, and verapamil are some examples of generic drugs.

This can be particularly beneficial for nations facing health crises or resource constraints. Disparities in disease prevalence between developed and developing countries can result in gaps in the utilization of specialty medicines. Generic medications emerge as a solution to bridge these discrepancies, offering more affordable and accessible treatment options. For the very first time, we’re shining a spotlight on the actions, efforts, and commitments of leading generic and biosimilar medicine manufacturers to broaden access to lifesaving medicines in LMICs. For these ten assessed products per company – 50 overall – the analysis found that companies had strategies in place to expand access to 41 of them. However, these strategies are very limited in scope and especially do not address affordability considerations for the poorest patients, including those who are uninsured and must pay out-of-pocket for medicine.

Aurobindo is a global pharmaceutical company focused on the development and production of high-quality generic medicines. With over 24,000 employees and presence in 155 countries, we strive to make affordable and accessible medicines available to everyone. Qilu Pharma Spain is the European subsidiary of Qilu Pharmaceutical, one of the leading pharmaceutical companies in China. They specialize in research, development, manufacturing, and marketing of generic and biosimilar medications in various therapeutic areas.