Report Overview

India generic drugs market is expected to grow at a CAGR of more than 11% during the forecast period, i.e., 2022-2028. The large pharmaceutical industry of India, growing initiatives from the government, increasing foreign investment, and surging healthcare expenditure are some of the factors boosting the growth of India generic drugs market. Additionally, the growing number of health issues and rising health awareness are expected to create several lucrative growth opportunities for India generic drug market during the forecast period.

Generic Drugs: A Brief Overview:

Essentially, generic drugs contain the same active pharmaceutical ingredients (API) as branded drugs, come in the same strength, dosage form, and route of administration. Moreover, such drugs have the same indications, labeling, and dosing, as well as the same efficacy and safety profile. Generic drugs are defined by the FDA (Food Administration Authority) as “Identical or bioequivalent to branded drugs in dosage form, safety, strength, route of administration, quality, and performance characteristics.”

India Generic Drugs Market Forecast and Trend

Growth Drivers

India’s thriving pharmaceutical industry propelling India generic drugs market

The Indian pharmaceutical industry is one of the largest in the world and contains several leading pharmaceutical companies. According to Invest India, an Investment Promotion and Facilitation Agency by the Indian Government, the Indian pharmaceutical industry is ranked 3rd in the world in terms of volume and 14th in terms of value. India also holds the highest number of US-FDA compliant pharmaceutical plants outside of the USA, as well as more than 3,000 pharmaceutical companies with over 10,500 production facilities.

In India, generic brands cover more than 60,000 therapeutic categories and the country's API (Active Pharmaceutical Ingredients) industry is the third largest in the world, with 57% of APIs listed by the WHO. Additionally, the manufacturing cost of medicines in India is 33% lower than in Western markets, further contributing to its large pharmaceutical industry. Furthermore, the government is also promoting the growth of the pharmaceutical industry in the country and all these factors are driving the growth of India generic drugs market.

Impact of COVID-19 in the industry

The COVID-19 created a lot of turmoil for India generic drugs market. As the COVID-19 cases surged around the world, the Indian generic drugs market registered an exponential surge in the demand for generic drugs. As per the data released by the government, the Indian pharmaceutical industry supplies over 50% of global demand for various vaccines, including 40% of all generic medicine in the USA, and 25% of all medicine in the UK. Additionally, the emergence of the second wave of the COVID-19 led to a surge in the demand for various generic drugs as branded drugs were unavailable in the market amid exponential demand. Furthermore, with the emergence of the Omicron variant, the demand for Dolo 650 (paracetamol) has increased by almost 70% from 2020 to 2021. As the third wave intensifies in India, the demand for generic drugs is expected to follow the same pattern in the coming years.

India Generic Drugs Market: By Product Type

Based on product types, India generic drugs market is categorized into simple generics, super generics, and biosimilars. In 2021, the simple generics segment dominated the market and held the largest share as these drugs are easier to manufacture. Moreover, the majority of the generic drugs available in the market are simple generic, which further supports the dominant share of the segment in India generic drug market. Additionally, super generics require a completely New Drug Application (NDA) in order to gain approval from the Central Drugs Standard Control Organisation (CDSCO), while simple generics do not have to go through such a complex process, further supporting the dominant share of the segment.

India Generic Drugs Market: By Distribution Channel

Based on distribution channels, India generic drugs market is classified into hospitals/clinics, retail pharmacies, and online pharmacies. In 2021, the retail pharmacies segment dominated the market and held the largest share owing to the large retail industry of India. However, during the forecast period, the online pharmacies segment is expected to register the highest growth rate owing to the emergence of various online pharmacies in India, growth of the e-commerce segment, and growing penetration of smartphones and internet in tier-3 and tier-4 cities, along with the rural areas of the country.

Competitive landscape

Some of the dominant players operating in India generic drugs market are Teva Pharmaceutical Industries, Wockhardt Pharmaceutical, and Sandoz - A Novartis division. Other major players in India generic drugs market are Fresenius Kabi, Aurobindo Pharma, Sun Pharma, Dr. Reddy’s Laboratories, Lupin, Cipla, and Viatris.

As a way to gain an advantage over other players, companies operating in India's generic drugs market consistently launch new products, and invest in new pharmaceutical technology to provide cost-effective services. They also work with the government & other organizations, and engage in mergers & acquisitions.

Recent Developments      

• In January 2022, Dr. Reddy’s Laboratories announced that it will launch the generic version of Merck’s antiviral COVID-19 pill, molnupiravir, and charge INR 35 (USD 0.4693 or 50 cents) per capsule. The generic drug will be sold under the brand name “Molflu” and will cost INR 1,400 (USD 18.77) for a 5-day course with 40 capsules. Treatment with Merck's pill costs roughly USD 700 in the United States.

• In Janury 2022, Advant International announced that it has agreed to buy controlling stake in Avra Laboratories Pvt. Ltd., as the private equity firm seeks to boost its active pharmaceutical ingredients (API) business in India. The acquisition amount is said to be close to USD 100 million and the acquisition will help Advant boost its presence across the spectrum of generic and patented molecules.

Scope of the Report

By Product Type

• Simple Generics
• Super Generics
• Biosimilars

By Route of Administration

• Oral
• Topical
• Injectable
• Others

By Application

• Cardiovascular Products
• Anti-infective Drugs
• Anti-arthritis Drugs
• Central Nervous System Drugs
• Anti-Cancer Drugs
• Respiratory Products
• Others

By Distribution Channel

• Hospitals/Clinics
• Retail Pharmacies
• Online Pharmacies

1. Research Framework
   1. Research Objective
   2. Product Type Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary and Secondary Sources
   2. Quantitative Research
      1. Primary and Secondary Sources
   3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Industry Participants
   5. Key Questionnaire asked during Primary Interviews
   6. Key Primary Responses
   7. Market Size Estimation
   8. Assumption for the Study
   9. Market Breakdown & Data Triangulation
3. Executive Summary
4. India Generic Drugs Market – Industry Insights
   1. Value Chain
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
   3. Recent Developments / Technical Landscape
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
   6. PESTEL Analysis
5. India Generic Drugs Market Overview, 2018-2028
   1. Market Size & Forecast
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
         1. Simple Generics
         2. Super Generics
         3. Biosimilars
      2. By Route of Administration
         1. Oral
         2. Topical
         3. Injectable
         4. Others
      3. By Application
         1. Cardiovascular Products
         2. Anti-infective Drugs
         3. Anti-arthritis Drugs
         4. Central Nervous System Drugs
         5. Anti-Cancer Drugs
         6. Respiratory Products
         7. Others
      4. By Distribution Channel
         1. Hospitals/Clinics
         2. Retail Pharmacies
         3. Other
6. Competitive Landscape
   1. 1. List of Key Producers and Their Offerings
      2. Market Share / Ranking Analysis (2021)
      3. Competitive Benchmarking, By Operating Parameters
7. COVID-19 Impact
8. Company Profiles (Company Overview, Financial Matrix, Key Product Type landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Teva Pharmaceutical Industries
   2. Wockhardt Pharmaceutical
   3. Sandoz, A Novartis division
   4. Fresenius Kabi
   5. Aurobindo Pharma
   6. Sun Pharma
   7. Dr. Reddy
   8. Lupin
   9. Cipla
   10. Viatris
   11. Other Prominent Players
9. Key Strategic Recommendations

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

List of Figures

Fig 1: India Generic Drugs Segmentation

Fig 2: India Generic Drugs Market Value Chain Analysis

Fig 3: India Generic Drugs Market Size, By Value (USD Million), 2018-2028

Fig 4: India Generic Drugs Market Share, By Product Type, By Value, 2018-2028

Fig 5: India Generic Drugs Market Share, By Route of Administration, By Value, 2018-2028

Fig 6: India Generic Drugs Market Share, By Application, By Value, 2018-2028

Fig 7: India Generic Drugs Market Share, By Distribution Channel, By Value, 2018-2028

Fig 8: Company Share Analysis, 2021

List of Tables

Table 1: India Generic Drugs Size, By Product Type, By Value, 2018-2028

Table 2: India Generic Drugs Market Size, By Route of Administration, By Value, 2018-2028

Table 3: India Generic Drugs Market Size, By Application, By Value, 2018-2028

Table 4: India Generic Drugs Market Size, By Distribution Channel, By Value, 2018-2028

Table 5: Teva Pharmaceutical Industries Business Overview

Table 6: Teva Pharmaceutical Industries Financial Analysis

Table 7: Wockhardt Pharmaceutical Business Overview

Table 8: Wockhardt Pharmaceutical Financial Analysis

Table 9: Sandoz, A Novartis division Business Overview

Table 10: Sandoz, A Novartis division Financial Overview

Table 11: Fresenius Kabi Business Overview

Table 12: Fresenius Kabi Financial Overview

Table 13: Aurobindo Pharma Business Overview

Table 14: Aurobindo Pharma Financial Overview

Table 15: Sun Pharma Business Overview

Table 16: Sun Pharma Financial Analysis

Table 17: Dr. Reddy Business Overview

Table 18: Dr. Reddy Financial Analysis

Table 19: Lupin Business Overview

Table 20: Lupin Financial Overview

Table 21: Cipla Business Overview

Table 22: Cipla Financial Overview

Table 23: Viatris Business Overview

Table 24: Viatris Financial Overview