The latest report by IMARC Group, titled “Canada Generic Drug Market Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Canada generic drugs market reached a value of US$ 6.0 Billion in 2018. Generic drug refers to a medication that has the same active ingredients and therapeutic effect as that of a branded drug. These drugs can be oral, intravenous, intramuscular, topical or inhalant. Generic drugs do not involve marketing on a large-scale due to the established safety and efficacy profile of their branded counterparts. Moreover, they are almost 5 times cheaper than branded drugs as they do not require extensive research and clinical trials which save both money and time for the manufacturers. At present, Canada is the ninth-largest generic drug market worldwide, accounting for nearly 3% of the global share. Over the past several years, the acceptance of generic drugs in Canada has increased, and these drugs now account for around 70% of the total retail prescriptions in the country.
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Canada Generic Drugs Market Trends:
Canada continues to face substantial healthcare challenges in terms of rising prevalence of lifestyle and chronic diseases such as depression, cardiovascular diseases (CVDs), cancer, chronic respiratory diseases (CRDs), diabetes and anxiety disorders. This, coupled with the growing geriatric population, has created a huge demand for cost-effective drugs in the country. The government has introduced public drug programs such as the Ontario Drug Benefit (ODB) Program and Trillium Drug Program as an initiative to provide universal healthcare in the country. Although these programs utilize both brand-name and generic drugs, they encourage the physicians and patients to opt for generic medicines wherever available so as to reduce the overall drug expenditure. In addition, the Canadian government is supporting R&D activities so as to strengthen the country’s expertise in specialty areas and biotech products. The rising number of patent expiries of branded drugs is further expanding the growth prospects of the generic drug market in the region. However, the higher price of generic drugs available in Canada, as compared to the other industrialized countries, have been responsible for hampering the growth of the market. Looking forward, the generic drug market in Canada is projected to reach a value of US$ 6.7 Billion by 2023, growing at a CAGR of 1.9% during 2019-2024.
Canada Generic Drugs Market Competitive Landscape:
The Canada generic market is concentrated in nature with the top five players dominating the total market share. Some of the key players operative in the market include Teva Pharmaceutical Industries Limited, Apotex Inc., Sandoz Inc., Sun Pharma Industries Ltd., Pharmascience Inc., and Mylan N.V.
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