GCC Generic Drug Market Trends, Growth Opportunities & Forecast 2023-2028

The GCC generic drug market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028, according to the new market research report by IMARC Group.

What is generic drug market?

In terms of dosage, form, safety, efficacy, quality, impact, stability, and intended use, generic medications are bioequivalent to name-brand medications. These medications cost less than branded medications yet have the same active components and clinical advantages. However, their characteristics, such as color, shape and flavoring, may differ from the original, as altering these characteristics does not affect the safety or effectiveness of the medicines. Rising awareness among the majority of the population in the GCC region about the benefits of these drugs has created numerous opportunities for the manufacturers.

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Competitive Landscape:

The competitive landscape of the market has also been studied in the report, with the detailed profiles of the key players operating in the market. Some of generic drug manufacturer

• include Hospira (Pfizer Inc.),
• Fresenius Kabi Ag,
• Hikma Pharmaceuticals PLC,
• Sandoz (Novartis),
• Sagent Pharmaceuticals, Inc.,
• Sanofi S.A.,
• Baxter International Inc.

GCC Generic Drug Industry Trends and Drivers:

An increase in the prevalence of lifestyle and chronic diseases, including diabetes, cancer and obesity, in the GCC region on account of sedentary lifestyles and changing dietary preferences is one of the major factors contributing to the growth of the market. Along with this, the rising geriatric population across the region is another key factor driving the sales of generic drugs as they are more prone to illnesses and health disorders.

Moreover, the treatment costs of various diseases using generic medicines are relatively lower than regular brand-name counterparts. The upcoming patent expiry of a number of blockbuster medicines is expected to expand the product portfolio of the manufacturers, thus creating a positive outlook for the market. Furthermore, governments of various GCC countries, such as Oman and the UAE, are promoting the uptake of generic drugs, which is providing a thrust to the market in the region.

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