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Generic Drugs Market Revenue Worth $786 Billion by 2030 says P&S Intelligence

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Almost 75% of the deaths in 2020 were because of chronic diseases, as per the World Health Organization (WHO). Among the diseases, the deadliest were ischemic heart disease, diabetes, cancer, and stroke. This is to be a major factor to propel the global generic drugs market size to $786.0 billion by 2030 from $278.4 billion in 2019, at a 10.0% CAGR between 2020 and 2030. This is because branded drugs are often expensive, which is why a large number of people in developing countries are not able to purchase them.

Generic drugs, on the other hand, are cost-effective, at the same time contain the same active ingredients and have a similar effect as patented drugs. In this regard, the generic drugs market is also being driven by the patent expiry of blockbuster medications. As patented drugs lose their certification, it gives pharmaceutical companies the opportunity to create their cheaper but equally effective variants.

Key Findings of Global Generic Drugs Market

  • COVID-19 boosting demand for generic drugs
  • Patent expiry of blockbuster drugs acting as key market driver
  • Generics most-widely consumed for infections
  • Orally administered generic drugs to remain most popular
  • APAC largest and fastest-growing market for generic drugs
  • Market players launching new products for improved patient outcomes

Get the Sample Copy of this Report at @ https://www.psmarketresearch.com/market-analysis/generic-drugs-market-outlook/report-sample

During the COVID-19 crisis, the generic drugs market has received a boost, as governments around the world, despite implementing lockdowns and movement restrictions, have ensured that the supply of essential medicines isn’t hampered. Moreover, as people have lost their jobs or are working at reduced salaries, they are drastically cutting down on expenses, which is why the preference for cheap generic drugs over the expensive patented ones has risen.

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In the near future, the highest CAGR in the generic drugs market, of 10.4%, is predicted to be displayed by the oral category, on the basis of route of administration. Being the simplest and a painless method of drug administration, it is widely popular among the masses.

Browse detailed report with COVID-19 impact analysis on Generic Drugs Market Research Report: By Type (Simple, Super, Biosimilars), Application (Neurological Diseases, Cardiological Diseases, Metabolic Diseases, Infectious Diseases, Orthopedic Diseases, Genitourinary/Hormonal Diseases, Respiratory Diseases), Route of Administration (Oral, Injection, Cutaneous, Mucosal, Inhalation), Distribution Channel (Indirect, Direct) – Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/generic-drugs-market-outlook

The indirect bifurcation generates the higher revenue in the generic drugs market, under the distribution channel segment. Most people prefer to buy drugs from hospitals, clinics, and pharmacies/chemists, which are all increasing in number around the world due to the mounting patient count.

Asia-Pacific (APAC) has made the largest revenue contribution to the generic drugs market till now, and it will continue doing so throughout this decade. The growing geriatric population and burden of acute and chronic diseases are driving the demand for medication. Moreover, the majority of the people here still cannot afford expensive medicines, which is why they go for the cost-effective generic drugs.

Make enquiry about this report at @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=generic-drugs-market-outlook

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Major global generic drugs market players include Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Alkem Laboratories Limited, Mylan N.V., Teva Pharmaceutical Industries Limited, Lupin Limited, Aurobindo Pharma Limited, Endo International plc, STADA Arzneimittel AG, Sawai Pharmaceutical Co. Ltd., Hikma Pharmaceuticals plc, Piramal Enterprises Ltd., Torrent Pharmaceuticals Ltd., Mallinckrodt plc, Amneal Pharmaceuticals Inc., Perrigo Company plc, Taro Pharmaceutical Industries Ltd., Alvogen, Glenmark Life Sciences Limited, Nichi-Iko Pharmaceutical Co. Ltd., Amphastar Pharmaceuticals Inc., CUSTOPHARM INC., MSN Labs, Cadila Healthcare Ltd., Sanofi, Pfizer Inc., and Bausch Health Companies Inc.

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Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.

The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development. 
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference. 
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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CGTN: China honors individuals with highest awards in celebration of 75th National Day

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.

The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
 

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Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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