UAE Generic Drugs Market to grow at a CAGR of 6.26% to 2029
Increasing healthcare infrastructure and
a supportive regulatory environment are the major drivers for the UAE Generic Drugs Market.
According to TechSci Research report, “UAE
Generic Drugs Market Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2019-2029”,
UAE Generic Drugs Market has valued at USD 4.73 billion in 2023 and is
anticipated to witness an impressive growth in the forecast period with a CAGR
of 6.26% through 2029. This
can be due to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position.
The expiration of patents is a
significant driver behind the increased demand for generic drugs. When the patent on a brand-name drug
expires, it opens the door for generic drug manufacturers to produce and
introduce equivalent versions of the medication. Generic alternatives offer the
same active ingredients and therapeutic effects but at a lower cost. The
expiration of a patent allows multiple generic manufacturers to enter the
market, creating competition. Increased competition often leads to lower prices,
benefiting healthcare systems, providers, and patients. This competitive
environment can drive the overall demand for generic drugs. Generic drugs are
typically more cost-effective than their brand-name counterparts. As more
generics enter the market due to patent expirations, healthcare systems can
achieve substantial cost savings by substituting expensive brand-name drugs
with more affordable generic alternatives.
For healthcare payers and providers, the
availability of generic alternatives after patent expirations allows for better
optimization of healthcare budgets. The reduced cost of generic drugs enables
more efficient allocation of resources. Patients benefit directly from the
expiration of drug patents as it often results in a reduction in the cost of
their medications. This can improve medication adherence, especially for those
on long-term or maintenance therapies.
Browse over XX market data Figures and spread through XX Pages and an in-depth TOC on " UAE Generic Drugs Market.”
In February 2022, Pharma
Solutions is set to revolutionize the treatment of Thalassemia in the UAE with
the introduction of a groundbreaking drug from Switzerland, which promises to
reduce treatment costs by 40%. Thalassemia remains a significant health concern
in the UAE, with the highest carrier frequency reaching 49%. The burden of
treatment costs has added to the challenges faced by patients. In response to
this, Pharma Solutions is launching a new medicine, Deferiprone, manufactured
in Switzerland. Deferiprone is an iron chelator specifically designed to
address transfusion iron overload in patients with thalassemia syndromes,
particularly when current chelation therapies prove inadequate. This initiative
by Pharma Solutions aims to provide much-needed relief to thalassemia patients
in the UAE.
Consumer
perception and trust are crucial factors in the success and acceptance of
generic drugs in market in UAE. Overcoming challenges related to perception and
trust is essential for the growth of the generic drugs market. Consumers
often associate brand-name drugs with higher quality and efficacy. Generic
drugs, despite being equivalent in terms of safety and effectiveness, may face
skepticism due to a lack of brand recognition. Building trust in the quality of
generic drugs is essential. Cultural attitudes and beliefs regarding healthcare
and medications can influence consumer perception. In some cultures, there may
be a preference for well-known brand names, and skepticism about generic drugs
may stem from unfamiliarity. Insufficient awareness and understanding of
generic drugs can contribute to consumer hesitation. Many consumers may not be
well-informed about the regulatory processes, safety standards, and
bioequivalence of generic medications compared to their brand-name
counterparts. There may be gaps in educating healthcare professionals and
the public about the rigorous testing and quality standards that generic drugs
must meet. Bridging these educational gaps is crucial for changing perceptions
and building trust.
UAE Generic Drugs Market is
segmented based on Type, Mode of Drug Delivery, Form, Source, Distribution
Channel, Application, and by region.
Based on the Application,
UAE Generic
Drugs Market is segmented into Cardiovascular Diseases, Diabetes, Neurology,
Oncology, Anti-Inflammatory Diseases, Others. Anti-inflammatory diseases refer
to a category of medical conditions characterized by inflammation as a primary
component of the disease process. Inflammation is a complex biological response
that the body initiates in response to harmful stimuli, such as pathogens,
damaged cells, or irritants. While inflammation is a natural and protective
response, in some cases, it can become chronic or dysregulated, contributing to
various diseases. Anti-inflammatory diseases, therefore, are conditions where
the goal of treatment is to reduce or modulate inflammation. Rheumatoid arthritis is
an autoimmune disorder in which the immune system mistakenly attacks the
joints. This chronic inflammation leads to joint pain, swelling, stiffness,
and, if untreated, can result in joint damage and deformities. Medications
known as disease-modifying antirheumatic drugs (DMARDs) and biologics are often
used to control inflammation in RA. Inflammatory bowel disease includes
conditions like Crohn's disease and ulcerative colitis, which involve chronic
inflammation of the gastrointestinal tract. Symptoms may include abdominal
pain, diarrhea, weight loss, and fatigue. Anti-inflammatory medications,
immunosuppressants, and biologics are commonly used to manage IBD.
Based on Region, Abu Dhabi region held the largest share
in the UAE Generic
Drugs Market. Abu Dhabi is home to healthcare centers
of excellence, specialized clinics, or research institutions, there may be a higher
demand for various medications, including generic drugs. Collaboration between
local healthcare providers, government entities, and pharmaceutical companies
may play a role. Strategic partnerships could result in targeted efforts to
promote the use of generic drugs in the Abu Dhabi region. The prevalence of
specific diseases or health trends in the Abu Dhabi region might lead to a
higher demand for certain types of medications, potentially including generic
drugs.
Some of the major companies operating in
the UAE Generic
Drugs Market include:
- Gulf
Pharmaceutical Industries (Julphar)
- Sanofi UAE
- Sun Pharma
Global FZE
- Abbott
Laboratories SA
- Eli Lilly
& Company UAE
- Mylan UAE
- GlaxoSmithKline
& Neopharma
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“Certain areas,
particularly in Dubai, are projected to exert significant demand for Generic
Drugs. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhance the overall
wellbeing of people each year, are expected to contribute to a remarkable
growth of the UAE Generic Drugs Market in the forecast
period," said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
UAE Generic Drugs Market by Type
(Small Molecule Generics, Biosimilars), By Mode of Drug Delivery (Oral,
Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By
Source (In House, Contract Manufacturing Organizations), By Distribution
Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By
Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology,
Anti-Inflammatory Diseases, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F has evaluated the future growth potential of UAE
Generic Drugs Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in UAE Generic Drugs Market.
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