The amount of patents that will soon expire is a major factor in the growth of the Generic Drugs Market. For example, the epidermal growth factor receptor inhibitor cetuximab (Erbitux) is used to treat metastatic colorectal cancer and cancer of the head and neck. In Europe, it is produced using a patent from the Eli Lily Company and Bristol-Myers Squibb. 2019 will mark the drug's patent expiration, which should open the market to several producers of its generic equivalent.
Additionally, the US FDA encourages firms to concentrate on releasing new generic medications by supporting the development of biosimilars. For instance, the Biologics Price Competition and Innovation Act in the United States gives the initial producer 12 months of patent exclusivity with higher profit margins than traditional generic manufacturers that release medications later. The increasing rise in the prevalence of chronic diseases is one of several additional factors boosting the Generic Drugs Market.
The Generic Drugs Market is expanding as a result of a number of additional variables, such as the sharp rise in chronic illness incidence. The expense of commercially available drugs makes long-term treatment for chronic conditions unaffordable. Therefore, when demand for pharmaceuticals increases over time, more patients choose for generic versions. About 51.8% of US individuals have one chronic illness, while about 27.2% have several chronic disorders, according to the National Health Interview Survey (NHIS).
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