India generic drugs market is estimated to grow at a CAGR of nearly 9.5% during the forecast period. Some pivotal factors encouraging market growth include the rising incidences of chronic diseases and favorable government initiatives to increase the affordability of medicines. In August 2020, the sales of generic drugs have doubled under the Indian government’s flagship affordable drugs scheme, Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP). This scheme recommends an increasing preference among Indians for the low-cost variants of branded drugs.  The scheme posted a revenue of nearly $26.7 million in the last four months (from April to July), against nearly $14.5 million in the same period last year. This has primarily been driven by the effect of constant promotion of the scheme, widespread availability of drugs at outlets, and lower pricing of medicines. This, in turn, is resulting in the increasing adoption of generic drugs in the country.

India generic drugs market is segmented based on application and route of administration. Based on application, the market is classified into cancer, CVD, musculoskeletal diseases, infectious diseases, neurology, diabetes, and others. The increasing prevalence of cancer is driving the demand for generic drugs in the region. The National Cancer Registry Programme estimates that there will be 13.9 lakh new cancer incidences reported in India in 2020, which is expected to rise to 15.7 lakh by 2025. This is boosting the adoption of generics as it has a much lower cost compared to the branded counterparts. Based on the route of administration, the market is segmented into oral, topical, injectable, and inhaler.

Some key players operating in the market include Mylan N.V., Teva Pharmaceutical Industries Ltd., Lupin Ltd., Aurobindo Pharma Ltd., and Sun Pharmaceutical Industries Ltd. The market players are focusing on strategic initiatives to increase their market share. For instance, in July 2020, Cipla declared the launch of its generic version of antiviral drug remdesivir, Cipremi, at $53.3 per 100 mg vial. This makes it among the lowest cost versions for COVID-19 treatment and Cipla is looking to deliver more than 80,000 vials within the first month.

Research Methodology

The market study of the India generic drugs market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. India Generic Drugs Market Research and Analysis by Application
2. India Generic Drugs Market Research and Analysis by Route of Administration

The Report Covers

• Comprehensive research methodology of the India generic drugs market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the India generic drugs market.
• Insights about market determinants which are stimulating the India generic drugs market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.