The Indian Generic Drugs Market stood at $24.53B in 2022 and is expected to grow at a steady CAGR of 6.97% during the forecast period, according to a report by Research & Markets.
The growing prevalence of chronic diseases such as diabetes, cardiovascular disease, etc., and sedentary lifestyle propel market growth. The expanding geriatric population is contributing to the market growth as the comorbidities are more in the old population, thereby needing proper medications with the easiest route for drug administration.
In developing countries like India, government bodies and other regulatory bodies have encouraged manufacturers to launch effective generic drugs supporting market growth. The introduction of 3-D printing technology helps in manufacturing generic drugs with varying release dates and tastes and is expected to propel market growth.
The short expiration and gap between re-filing of the new drug encourages various companies to produce generic drugs owing to rise in competition which further reduces the generic medication prices. Enhancing accessibility to healthcare services and growing healthcare awareness among the public drive market growth.
Several initiatives are undertaken by government bodies towards awareness of the availability of generics like Pradhan Mantri Bhartiya and Jan Aushadi Yojana have become the highlight, offering quality medicines at affordable prices to the people. This scheme is currently running in each state of India with its high popularity among the people with average to low-income categories providing the public access to medications.