Top 16 Affordable Generic Medications Companies

Tabuk Pharmaceuticals is a company that develops, manufactures, markets, and distributes branded and generic pharmaceutical products with a strong focus on the Middle East and North Africa. GALPHARMA is a pharmaceutical company based in Tunisia that specializes in the production of generic medications. With over 20 years of experience, aromasin price in uk GALPHARMA is dedicated to providing high-quality medications across various therapeutic classes to meet the daily needs of patients with acute and chronic illnesses. The landscape of the generic drugs industry is constantly evolving, driven by factors such as changing patent expirations, market demand, and advancements in technology.

Top 19 Sustainable Building Materials Companies: Making Construction Greener

• Sandoz Group AG is a leading global pharmaceutical company specializing in generic and biosimilar medicines.
• Notable drugs that are open to generic competition in 2024 include Novo Nordisk’s Victoza (liraglutide), an anti-diabetic medication used to treat type 2 diabetes (T2D) and chronic obesity.
• The Emerging Markets sector includes the Company’s ARV franchise as well as activities in countries with developing markets and emerging economies, including Asia, the Middle East, South, and Central America, Africa, and Eastern Europe.
• Landsteiner is a pharmaceutical company with over 20 years of experience in the Mexican market.
• SOTHEMA is a 100% Moroccan pharmaceutical company specializing in the manufacturing and sale of medicines since 1976.
• With a history dating back to 1931, Baxter has earned recognition for its commitment to quality, innovation, and affordability.
• Chinese drug regulators have established stringent evaluation criteria and methods to ensure the efficacy and safety of generic drugs before granting market approval, followed by continuous quality oversight after their release.

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. India supplies approximately 40% of generic and OTC drugs consumed in the US, meaning that in the near-to-medium term, the US will remain highly reliant upon India for access to many generic drugs. The company is dedicated to providing affordable and high-quality medicines while promoting sustainability.

Hetero Drugs Ltd

With a strong commitment to research, quality, and affordability, Pfizer continues to innovate and expand its generic drug offerings, ensuring patients worldwide have access to essential medications at competitive prices. They offer a wide range of medications, including generic and branded drugs, as well as contract manufacturing services for other pharmaceutical companies. With a strong focus on quality and innovation, Hikma.com aims to improve global healthcare through their reliable and affordable solutions. The expiration of patents on many brand-name drugs has led to a surge in demand for generic alternatives due to their lower cost, particularly in addressing chronic diseases that account for a significant portion of global mortality. With only a fraction of prescriptions being for branded generics, the market is dominated by unbranded generic drugs, offering a cost-effective solution for patients.

Want to find more generic pharmaceuticals companies?

• While there is continued unrest in some regions, both economically and politically, the regional pharmaceutical market is becoming more attractive.
• Eli Lilly and Company, founded in 1876, is a global pharmaceutical leader headquartered in Indianapolis, USA.
• Indian pharmaceutical companies are not merely suppliers of generic drugs but have also become significant players in the global pharmaceutical market.
• Abbott’s main business is the research, development, manufacturing, and distribution of a wide range of healthcare products.
• The quality issues of generic drugs are another significant challenge to the global market growth.
• Any comments or data included in the report are solely derived from BMI and independent sources.
• Secondly, they have built robust manufacturing capabilities, ensuring high-quality and cost-effective production.

The Indian pharmaceutical industry has invested significantly in research and development (R&D) activities, creating innovative generic drugs. This focus on innovation has resulted in the development of complex generics and biosimilars, addressing unmet medical needs globally. As Indian companies continue to invest in R&D, they are poised to play an even more substantial role in shaping the future of the global pharmaceutical landscape. Indian pharmaceutical companies are not merely suppliers of generic drugs but have also become significant players in the global pharmaceutical market. These firms are expanding their global footprint through strategic partnerships, acquisitions, and collaborations.

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

With risinghealthcare costs globally, patients and healthcare systems are increasinglyseeking cost-effective alternatives without compromising on quality. Novartis AG is a Swiss multinational pharmaceutical corporation based in Basel, Switzerland that focuses on the discovery, development, manufacture and marketing of prescription and generic pharmaceutical products and eye care products. The company develops and manufactures medications to treat cancer, cardiovascular diseases, dermatological conditions, neurological disorders, ophthalmic and respiratory diseases, hematologic diseases, solid tumors, immune disorders, and infections. Using a robust pipeline of drug candidates in development, the company offers affordable and accessible high-quality generic medicines and biosimilars through its subsidiary Sandoz. Novartis conducts research in various disease areas through The Novartis Institutes for BioMedical Research (NIBR).

#11 Bristol-Myers Squibb Company

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 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.

Stay ahead of industry trends, build your market research strategy and more.

It’s a cornerstone of healthcare equity, leveling the playingfield and empowering individuals to take charge of their health without theburden of financial strain. Par Pharmaceutical is a pharmaceutical company dedicated to helping people by providing quality medicines. They specialize in modified-release oral solid dosage forms and alternative drug delivery platforms such as nasal sprays and patches. In low and middle-income countries (LMICs), generics make up 70-80% of the private sector market share. However, while Europe and the United States have seen a significant increase in generic medicine usage, there has been little change in Asia and the Middle East/South Asia region. In Europe, generic medicine volume rose from 42% in 2005 to 49.0% in 2009, and in the US, around 80% of prescriptions in retail pharmacies were for generics.

Expanding Global Footprint

Access to high-quality generic medications continues to be a pivotal issue across the globe in 2024, with various regions deploying targeted strategies to overcome barriers to affordability and quality. Many patients in conflict zones and low-income countries have limited pharmaceutical manufacturing and are heavily reliant upon imports to access generics. Weak regulatory systems in many sub-Saharan African countries, lack of financing, and insufficient healthcare infrastructure impede access to quality generic medicines. Low-income countries across various regions, including parts of Asia and Latin America, struggle with access to generics due to high out-of-pocket costs for patients, tariffs on imported medicines, and limited availability of essential drugs. We anticipate that new regional and national initiatives will be developed, targeting improving regulatory capacities, establishing better procurement practices, negotiating price reductions, and encouraging local production of generic medicines.

Top 16 Affordable Generic Medications Companies

The generics industry plays a vital role in expanding access to medicines in emerging markets. By addressing the challenges and seizing the opportunities, generic medicine manufacturers can ensure that high-quality, safe, and effective medications are available to those who need them most. As Jayasree K. Iyer, CEO of the Access to Medicine Foundation, emphasized, “It is vitally important that all healthcare sectors address inequality and improve access, which we have articulated in our new Strategic Direction”. Generic drugs present several key benefits, foremost among them being the significant reduction in healthcare expenses. Opting for generic medications enables patients to save money while still receiving high-quality care. Additionally, these medicines contribute to equalizing the availability of treatments between developed and developing countries, ensuring widespread access to essential healthcare solutions.

Want to find more generic drugs companies?

Nonetheless, the FDA’s stringent approval and distribution process restrict the expansion of the generic drug industry. For instance, Sun Pharma recalled 747 bottles of generic diabetes medication in October 2020 because they could contain cancer-causing nitroso dimethylamine above the limit. Emerging markets like India and China are supposed to generate more opportunities for the generic drugs market. Viatris Inc. is a global healthcare firm founded in November 2020 by the merger of Mylan and Upjohn.

The Indian pharmaceutical industry has swiftly ascended to global prominence, establishing itself as a primary hub for the manufacturing and export of generic medicines. As a generic medicine supplier, this achievement has earned it the distinguished title of the “pharmacy of the world.” The industry’s remarkable growth can be attributed to various pivotal factors and compelling statistics. Global Pharma is a leading generics partner in the region, specializing in the production of medicines and herbal remedies. With a manufacturing facility in Dubai Investment Park, the company has an extensive product range that covers various therapeutic areas. They work closely with healthcare professionals to understand their needs and offer support programs for better patient management. Almatica’s Gralise (gabapentin) is a medication primarily used to treat epilepsy and neuropathic pain, with patent set to expire in early 2024.

Indus Pharma (Pvt.) Ltd.

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. They offer a wide range of products including generic drugs, biosimilars, and active ingredients. They offer a wide range of generic drugs with the same active ingredient, concentration, pharmaceutical form, and therapeutic indication as the innovator drug.

The company is firmly committed to adhering to regulatory compliance requirements in different markets, which has facilitated its expansion into new markets and bolstered its business growth. Latin America is anticipated to hold a considerable share of the worldwide market during the forecast period. Healthcare costs are growing significantly, making it difficult for people to afford quality healthcare. Due to this, the demand for affordable healthcare is growing in the Latin American region, driving the generic drugs market in Latin America as these drugs are an effective alternative to branded drugs.

Auro Peptides, a subsidiary of Aurobindo Pharma Limited,concentrates on the development of peptide-based generic APIs, with aparticular focus on the oncology and diabetology segments. Teva Argentina is a leading pharmaceutical laboratory that develops and produces high-quality medications to improve the lives of patients and their communities. 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. The Indian pharmaceutical industry is a global leader, with the domestic market poised to reach US$ 65 billion by 2024 and an expected surge to US$ 130 billion by 2030.

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. The success of these top companies can be attributed to several shared elements and approaches. Firstly, they have invested heavily in research and development, constantly striving to bring new and improved generic drugs to the market. Secondly, they have built robust manufacturing capabilities, ensuring high-quality and cost-effective production.

Additionally, collaborative effortswith partners focus on novel and intricate products like the BOTOX®(onabotulinumtoxinA) biosimilar and Glatiramer Acetate Depot, a long-actinginjectable form of the approved glatiramer acetate. Contributing significantly to India’s economy, the pharmaceutical industry is ranked 3rd worldwide in production volume and 14th by value. Projections indicate a soaring industry value of USD 130 billion by 2030, underlining its economic significance. Prioritizing long-term sustainability in business models ensures the widespread availability of essential treatments. Generics stand as pillars of global health, addressing challenges and fostering innovation for a more inclusive and sustainable healthcare future worldwide.

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. The generic drugs industry has a profound influence on various sectors, including healthcare, insurance, and consumer spending. By offering lower-cost alternatives to expensive medications, it helps reduce healthcare costs and improves accessibility for patients.

North America held the largest share of the global generic drugs market in 2023 and is predicted to maintain the same dominating position throughout the forecast period. The United States had the largest market share of 92% for generic drugs in North America in 2022, followed by Canada, which had a market share of 8%. They specialize in the research, development, manufacturing, and marketing of complex injectables. Operating primarily under a business-to-business model, they have a track record of delivering long-term value to employees, shareholders, and investors. With state-of-the-art facilities and a professional management team, Gland Pharma is one of the largest and fastest-growing generic injectables manufacturers.

Once a brand-name drug’s patent expires, other manufacturers can produce generic versions, increasing accessibility to affordable medications for consumers. Thecorporation offers over 1,600 commercial products spanning a wide spectrum ofillnesses and therapeutic areas. These include anti-retrovirals and treatmentsfor tuberculosis, acute and chronic generic drugs, branded medications,specialized sterile products (such as those for thrombosis, oncology, andanesthesia), emergency medications, and vaccines.

With a production base that allows the manufacture of 13 different pharmaceutical forms, SOTHEMA represents 35 client laboratories ranking among the global R&D leaders. Drawingfrom over 50 years of experience in manufacturing active pharmaceuticalingredients (APIs), Cipla has developed over 200 generics and complex APIs. Thecompany is eager to collaborate with leading generic firms to introduce newproducts, thus expanding its presence in markets such as Japan, Korea, andBrazil. Moreover, Cipla is actively pursuing strategies to deepen itspenetration in the generic distribution channel through digital platforms,engaging directly with retailers. By March 2023, it had onboarded over 135,000retailers, facilitating enhanced market outreach and accessibility. Asthe 10th largest generics company in the United States, Sun Pharma possesses aformidable research and development infrastructure, equipped to developtechnologically advanced products in both generics and specialty segments.

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. Consequently, low-cost generics from India and China will remain in high demand from the US until sufficient subsidies or alternative support for domestic generic drugs production expansion are offered. Throughout 2023, India -based pharmaceutical companies have been the frontrunners of US ANDA approvals, which are generic approvals by the FDA that can be sold and distributed in the US.

Non-communicable diseases (NCDs) such as cardiovascular disorders, chronic respiratory diseases such as COPD and asthma, malignancies, and diabetes are the most common. Rapid unplanned urbanization, globalization of unhealthy lifestyles, and an aging population drive these diseases. Chronic diseases necessitate long-term therapy and marketed medications are prohibitively costly.

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. The Emerging Markets sector includes the Company’s ARV franchise as well as activities in countries with developing markets and emerging economies, including Asia, the Middle East, South, and Central America, Africa, and Eastern Europe.

Natco Pharma is a pharmaceutical company that manufactures and markets affordable medicines worldwide. They focus on providing specialty medicines at accessible prices and adhere to global standards. Landsteiner is a pharmaceutical company with over 20 years of experience in the Mexican market. They specialize in the development, production, and commercialization of healthcare products, including generic and biotechnological medications. They offer a wide range of high-quality prescription and over-the-counter pharmaceutical products.

In2023, the company inaugurated its upgraded penicillin production facility, apivotal category within the global antibiotics market, in collaboration withthe Austrian government. The investment in Kundl, Austria, not only enhancesthe company’s industrial footprint in Europe but also underscores itsdedication to environmental stewardship. It further underscores the company’saspiration to be recognized as the foremost global leader in biosimilars andgenerics, valued for its commitment and excellence. Among the five companies, a handful of initiatives to bolster local manufacturing capacity in LMICs or facilitate technology transfer to local partners could be identified. Broadly, all companies implement at least some strategies to promote a continuous supply of their products and mitigate the risk of shortages and stockouts, and to ensure the quality and safety of their marketed products.

Anushka holds a Master’s degree in Commerce and has been writing and editing long-form content for 4 years covering diverse business areas such as healthcare, digital marketing, sports equipment, home appliances, social media promotion, and clothing. Her mission to educate business owners in all aspects of market analysis flows through the expert industry coverage she provides. When not writing or editing files, you will find her sketching, exploring heritage and historic places, or cooking.