Malaysia Generic Drugs Market to be Dominated due to the Improvement of Healthcare Infrastructure in Malaysia until 2028
Growing prevalence of
chronic diseases and rise in geriatric population of the country will drive the
generic drug market in the forecast period, 2018-2028F. According
to TechSci Research report, “Malaysia Generic Drugs Market-By Region,
Competition, Forecast and Opportunities, 2028”, the Malaysia generic drugs
market is anticipated to register a high CAGR during the forecast period. This
can be ascribed to increase in healthcare expenditure made by people of
Malaysia over recent years.
The
healthcare infrastructure in Malaysia plays a crucial role in driving the
demand for generic drugs in the country. According to Health Care by Index
2023, Malaysia has been ranked at 30th position across the world for
excellent healthcare facilities provided by the country. Growing number of
hospital pharmacies and retail pharmacies in the country are also increasing
the purchase of generic drugs in Malaysia. There are around 2600 community
pharmacies established in the country half of which are based in Kuala Lampur
and Selangor. Moreover, facility of online pharmacy provided by healthcare
system in the country is also contributing to rise of generic drugs production
in the country. Medical tourism can indeed be a driver for the Malaysia generic
drugs market. Many people from developed countries such as the United States,
the United Kingdom, and Australia travel to developing countries like Malaysia
for medical treatment due to the lower costs and high-quality healthcare
facilities.
Malaysia has been actively promoting its medical tourism industry
in recent years, and the country has a well-established healthcare system with
world-class medical facilities and highly trained healthcare professionals.
Malaysia also has a strong pharmaceutical industry that produces high-quality
generic drugs at affordable prices than many other countries. Cosmetic surgery,
fertility treatments, cardiology, orthopedics, oncology, and dental treatment
are some of common medical procedure which are projecting a growth to medical
tourism in Malaysia. Increase in demand of generic drugs associated with the
efficient treatment of these diseases is further expected to propel the growth
of Malaysia generic drugs market during the futuristic period. Technological
advancements have also been instrumental in driving the growth of the generic
drugs market in Malaysia. The use of advanced technologies such as robotics,
automation, and artificial intelligence (AI) has improved the efficiency and
quality of generic drug manufacturing. Moreover, technological advancements
have led to the development of new drug delivery systems, such as
nanotechnology-based drug delivery, that can improve drug efficacy and reduce
side effects. These systems have also enabled the development of complex
generic drugs that are more difficult to manufacture but offer improved
therapeutic outcomes. In 2018, the Ministry of Health launched a program called
the Malaysian Medicines Policy (DUNAS) to promote the use of generics and
biosimilars. Impressive rise in adoption of technologies for improving the
properties of drugs in the country is propelling the growth of generic drugs
market in Malaysia. Furthermore, growing prevalence of diseases in the country
is developing healthcare awareness among Malaysians. Increase in medical
expenditure made by people of the country to take proper care of their health
and consume adequate medicines required for treatment of their ailment is also
expected to register an impressive growth to Malaysia generic drugs market
during the forecast period.
However,
lack of awareness and trust among patients on generic drugs and changing
regulatory landscape of the country are expected to slow down the growth of the
market in the coming years.
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The
Malaysia generic drugs market segmentation is based on type, application, drug
delivery, form, source, distribution channel, company, and region.
Based
on drug delivery, the market is further divided into oral, topical, parenteral,
and others. Oral segment is likely to dominate the market in the forecast period.
This can be ascribed to the high prevalence of
chronic diseases in Malaysia, which require long-term oral drug therapies.
Some
of the major companies operating in the Malaysia generic drugs market include:
- Pharmaniaga Berhad
- Duopharma Biotech Berhad
- Kotra Pharma (M) Sdn. Bhd.
- Ccm Pharmaceuticals Sdn. Bhd.
- Hoe Pharmaceuticals Sdn. Bhd.
- Noipharma Sdn. Bhd.
- ROYCE Pharma Manufacturing Sdn. Bhd.
- Xepa-Soul Pattinson (Malaysia) Sdn. Bhd.
- Sm Biomed Sdn. Bhd.
- RANBAXY MALAYSIA SDN. BHD.
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“Certain regions are expected to dominate the
demand for generic drugs in Malaysia. Guidelines regulated by National
Pharmaceutical Regulatory Agency (NPRA) in Malaysia for approval of generic
drugs has increased the production of generic drugs in the country which is
further propelling the growth of Malaysia generic drugs market in the forecast
period. Moreover, patent expiry of branded drugs is also increasing the
acceptance of generic drugs in the country simultaneously driving the growth of
generic drugs market in Malaysia," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
“Malaysia
Generic Drugs Market By
Type (Small Molecule Generics, Biosimilars), By Application (Cardiovascular
Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others),
By Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule,
Injection, and Others), By Source (In House, Contract Manufacturing Organizations),
By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online
Pharmacies, and Others), By Region, Competition,
Forecast and Opportunities, 2028”, has evaluated the future growth potential of Malaysia
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 Malaysia generic drugs
market.
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