The Argentina generic drugs market is anticipated
to witness impressive growth during the forecast period. This can be ascribed
to the growing demand for functional drugs because it is cost efficient and
perform the same as original drugs. Generic medications are less expensive than
brand-name medications. Buying generic medications can help to save a lot of
money. These medications are inexpensive because, unlike non-generic medications,
they do not need to redo the active ingredient's clinical studies. Also, the
increasing demand for generic injectables is due to an increase in the
prevalence of targeted diseases such as cancer and hepatitis C, which is
expected to create a lucrative growth of the Argentina generic drugs market
during the forecast period. Argentina has about 65 biotech businesses
focused on human health, with a focus on generics and biosimilars. More than a
dozen of these firm’s exports biosimilars, especially to other countries in the
region and Asia. Between 2003 and 2017, sales to China, India, and Vietnam
climbed by 179%. Generic pharmaceuticals are medicines that have the
same active components, the same safety requirements, are similarly effective,
and are of good quality as branded drugs but are substantially cheaper. The
dosage, therapeutic action, administration, and formulation of generic
medications are identical to those of branded pharmaceuticals. Dilantin is a
brand name for the same substance, phenytoin, which is a regularly used generic
medication.
Cost Saving Promises To Drive The Market
Cost savings is a major driver for the growth of
the generic drugs market in Argentina. Generic drugs are typically priced lower
than their branded counterparts, which makes them an attractive option for
consumers and healthcare providers who are looking to reduce costs. According
to stats of IMS health, the price of some generic medicine of 10 mg x 30 Pack
is USD509 and the price of branded medicine of same pack is USD3200 which is
84.09% high than generic medications. In Argentina, where there is a
high demand for affordable healthcare services, generic drugs have become
increasingly popular. With rising healthcare costs, both consumers and
healthcare providers are looking for ways to save money, and one way to do so
is by choosing generic drugs. Public hospitals serve around 35% of the
population. The rest receive some type of healthcare coverage, either through
social security/union-run systems (60% of the population) or through the
private healthcare system (13%). Almost 10% of the population has several
coverage systems. The lower cost of generic drugs is due to several
factors. First, generic drug manufacturers do not have to spend as much on
research and development as brand-name drug companies, which reduces their
costs. Second, generic manufacturers do not have to spend as much on marketing
and advertising, as the brand-name drug has already established the market.
Finally, generic manufacturers are able to produce drugs in bulk, which further
reduces costs. Argentina's gross expenditure on research and
development (GERD) increased from 4.38 billion US dollars in 2020 to 4.72
billion US dollars in 2022. Such factors are anticipated to drive the
growth of the Argentina generic drugs market during the forecast period.
Patent Expirations Expected to Drive the Market
Patent expirations are an important driver for the
growth of the generic drugs market in Argentina. When a pharmaceutical company
develops a new drug, they are granted a patent, which gives them exclusive
rights to produce and sell the drug for a certain period of time. Once the
patent expires, other companies can enter the market with generic versions of
the drug. There are no provisions for patent term extensions; patents
are granted for 20 years from the date of filing. There is no case law on this
subject, and the patent law does not expressly provide for provisional
protection of a patent application prior to issuance. As a result of the
expiration of patents, generic drugs have become increasingly popular in
Argentina, as they offer consumers and healthcare providers more affordable
treatment options. This has led to increased demand for generic drugs, which
has driven the growth of the Argentina generic drugs market. The expiration of
patents is a significant driver for the growth of the generic drugs market in
Argentina, as it increases competition, reduces prices, and expands access to
affordable medicines.
Increase In Geriatric Population
The increasing geriatric population is a major
driver for the growth of the generic drugs market in Argentina. As people age,
they are more likely to develop chronic diseases and conditions, such as heart
disease, diabetes, and arthritis, which require ongoing treatment and
medication. This has led to a growing demand for medicines, including generic
drugs. According to IMS Health, the increase in the demand for generic
medicines in recent years is 8.2% which is further expected to grow. In
Argentina, as in many other countries, the population is aging. According
to the World Health Organization, the proportion of people aged 65 years and
older in Argentina is expected to increase from 10% in 2020 to 15% in 2050. This
demographic shift has led to increased demand for healthcare services,
including medicines, which has driven the growth of the Argentina generic drugs
market. Geriatric patients often require multiple medications to manage their
conditions, which can be costly. Generic drugs offer an affordable option for
these patients, as they are priced lower than their branded counterparts. This
makes them a popular choice for healthcare providers who are looking to reduce
costs, and for patients who may have limited financial resources. Such factors
may drive the growth of the Argentina generic drugs market. In addition to cost
savings, generic drugs offer other benefits for geriatric patients, such as
improved medication adherence and fewer drug interactions. Generic drugs can
help to improve health outcomes and quality of life for the population and the
increasing geriatric population in Argentina, thereby driving the growth of the
Argentina generic drugs market.
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Recent Developments
A Brazilian pharmaceutical company, Eurofarma,
acquired one of Argentina’s top generic drug manufacturers at the end of 2020.
The acquisition is expected to boost Eurofarma’s position in Argentina and
broaden its product range.
In 2021, the merger between Elea Laboratories and
Savant Pharm merger was announced, which created a new entity called ELSA. It
is expected to become one of the largest pharmaceutical companies in Argentina.
The merger is expected to bring together the strengths of both companies in
research and development, manufacturing, and commercialization.
In 2020, the Argentine generic drug manufacturer,
Richmond, signed a licensing agreement with the Russian Direct Investment Fund
to produce and market the COVID-19 vaccine Sputnik V in Argentina.
Market Segmentation
The Argentina generic drugs market can be segmented
by type, mode of drug delivery, form, source, distribution channel,
application, and region. Based on type, the market can be segmented into small
molecules and biosimilars. Based on mode of drug delivery, the market is
segmented into oral, topical, parenteral, and others. Based on form, the market
can be segmented into tablets, capsule, injection, and others. Based on source,
the market can be segmented into in house and contract manufacturing
organizations. Based on distribution channel, the market can be grouped into hospital
pharmacies, retail pharmacies, and online pharmacies. Based on application, the
market can be grouped into cardiovascular diseases, diabetes, neurology,
oncology, anti-inflammatory diseases, and others.
Market Players
Laboratories Bagó S.A, Laboratorios Richmond, Gador
S.A., Elea Laboratories Srl, Laboratorios Phoenix SE, Raffo Laboratories Ltd.,
Craveri S.A., Sidus S.A/Argentina. are some of the leading players operating in
the Argentina generic drugs market.
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Attribute
|
Details
|
|
Base
Year
|
2022
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Historic
Data
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2018 – 2021
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|
Estimated
Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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|
Report
Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
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Type
Mode
of Drug Delivery
Form
Source
Distribution
Channel
Application
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Regional
scope
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Pampas,
Litoral, Northwest, Sierras, and Cuyo
|
|
Key
companies profiled
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Laboratories Bagó S.A, Laboratorios Richmond, Gador S.A., Elea
Laboratories Srl, Laboratorios Phoenix SE, Raffo Laboratories Ltd., Craveri
S.A., Sidus S.A/Argentina.
|
|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/Word
format on special request)
|
Report Scope:
In this report, the Argentina generic drugs market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Argentina Generic Drugs Market, By Type:
o Small Molecule
o Biosimilars
- Argentina Generic Drugs Market, By Mode
of Drug Delivery:
o Oral
o Tropical
o Parenteral
o Others
- Argentina Generic Drugs Market, By Form:
o Tablets
o Capsule
o Injection
o Others
- Argentina Generic Drugs Market, By Source:
o In House
o Contract
Manufacturing Organizations
- Argentina Generic Drugs Market, By
Distribution Channel:
o Hospital
Pharmacies
o Retail
Pharmacies
o Online
Pharmacies
- Argentina Generic Drugs Market, By
Application:
o Cardiovascular
Disease
o Diabetes
o Neurology
o Oncology
o Anti-Inflammatory
Diseases
o Others
- Argentina Generic Drugs Market, By
Region:
o Pampas
o Litoral
o Northwest
o Sierras
o Cuyo
Competitive Landscape
Company Profiles: Detailed analysis of
the major companies present in the Argentina generic drugs market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Argentina generic drugs market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]