Authorized Generics Market Research Report and Forecast up to 2024 Authorized Generics Market - Global Industry Analy

Authorized Generics Market - Global Industry
Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024
A generic drug is a duplicate copy of original branded drug, which has same dosage
form, active pharma ingredients (API), strength, route of administration, and also
same intended use as the branded one. Regulatory authorities and governments
have mandated that an authorized generic drug has to medicinally correspond to
the branded drug and sanctioned as an Abbreviated New Drug Application (ANDA)
by the Food and Drug Administration (FDA). An authorized generic is the branded
company’s individual product, but repackaged and marketed as generic drug either
via subsidiary or third party. These are already approved as a New Drug Application
by the FDA, only they are promoted via private label. The authorized generics
market grew rapidly in the past few years as these provide consumers with branded
quality drugs at generic prices. Presently, there is a growing trend of original maker
giving approvals to a subsidiary or a private label distribution company to sell its
brand name drug as a generic drug at a subsequently low price.
View Report @ http://www.transparencymarketresearch.com/authorized-
generics-market.html
An example of authorized generic drug is Azithromycin Pak which is sold under by
the company name Greenstone. Pfizer’s original branded drug Z-pak was approved
by the FDA. Before patent expiry of Z-pak, Pfizer allowed Greenstone to sell Z-pak
using authorized generic name Azithromycin Pak. Greenstone is a wholly owned
subsidiary of Pfizer.
The global authorized generics market is expected to witness strong growth.
Authorized generic drugs are priced at significantly discounted rate i.e. 50% to 70%
as compared to branded counterparts. Additionally, many of the popular branded
drugs of pharma companies are losing patent protection rights, which is also termed
as patent cliffs. This would pave the way for entry of new complex generics in the
market. These factors are likely to drive the authorized generics market in the near
future. Other factors driving the market are health care plans by governments
across the world, rapidly increasing cost of branded drugs, and aging populations.
On the other hand, possibility of side effects, and lack of regulatory awareness
about products and quality management are factors likely to restrain the global
authorized generics market.
The global authorized generics market can be classified based on product type,
application, end-user, and region.