Canada generic drugs market is
anticipated to witness impressive growth during the forecast period. This can
be ascribed to the growing demand for low-cost medicines compared to branded
drugs along with the growing prevalence of chronic illness such as cancer,
cardiovascular diseases, and neuro diseases across the region. Similarly, the
growing adaptation of sedentary lifestyle, the changing dietary patterns, and
the launch of several policies by the government bodies to reduce healthcare
costs are expected to create a lucrative growth of the market during the
forecast period. . Also, major players are investing for research and
development activities about generic drugs and their effects. Such factors are
expected to drive the growth of the market during the forecast period.
Cost Savings
Cost savings are a key factor
driving the growth of the Canada generic drugs market. Generic drugs are
typically sold at lower prices than their brand-name counterparts, which makes
them an attractive option for both patients and healthcare providers. The cost
savings associated with generic drugs can be significant, particularly for
patients who require ongoing medication. The use of generic drugs can help to
reduce healthcare costs by providing affordable alternatives to expensive
brand-name medications. This can help to make healthcare more accessible and
affordable for patients, particularly those who are uninsured or underinsured.
In addition, it can help to reduce healthcare costs for governments and
insurance providers, which can have significant cost savings over time. The
cost savings associated with generic drugs can also help to drive the uptake
and growth of the Canadian generic drugs market. As more patients and
healthcare providers seek out cost-effective alternatives to brand-name
medications, the demand for generic drugs is likely to increase. This can help
to create opportunities for new manufacturers to enter the market and increase
competition, which can further drive the growth of the market over the years. .
Increasing Demand for Generic
Drugs
The increasing demand for
generic drugs is a significant driver for the growth of the Canada generic
drugs market. There are several factors contributing to this increasing demand,
including an aging population, rising healthcare costs, and increasing chronic
diseases. As the Canadian population ages, the demand for medications is likely
to increase. Many seniors require ongoing medication for chronic conditions,
and the use of generic drugs can help to reduce healthcare costs and make
medications more accessible. This has contributed to a growing demand for
generic drugs among older adults. In addition, rising healthcare costs have
made it increasingly important for patients and healthcare providers to seek
out cost-effective alternatives to brand-name medications. Generic drugs are
typically sold at lower prices than their brand-name counterparts, which makes
them an attractive option for many patients and healthcare providers. Finally,
the increase in chronic diseases such as diabetes, cardiovascular disease, and
cancer has led to a greater need for medications. As more patients require
ongoing medication for these conditions, the demand for cost-effective
alternatives is likely to grow. In 2021, an estimate of 229,200 Canadians
were diagnosed with cancer and 84,600 died from cancer.Lung, breast,
colorectal, and prostate cancers were expected to remain the most diagnosed
cancers, accounting for 46% of all diagnoses in 2021.In 2020, around 191 out of
100,000 Canadians died from major cardiovascular diseases.
Patent expiration
Patent expiration is a key
driver of the growth of the Canada generic drugs market. When a patent on a
brand-name medication expires, it allows other manufacturers to produce generic
versions of the medication. This creates opportunities for new manufacturers to
enter the market and compete with the brand-name manufacturer, which can help
to drive down prices and increase access to medications. Generic drugs are
typically sold at lower prices than their brand-name counterparts, which makes
them an attractive option for patients and healthcare providers. The expiration
of patents on brand-name medications can create significant cost savings for
patients and healthcare providers, particularly for those who require ongoing
medication for chronic conditions. The expiration of patents can also create
opportunities for innovation and the development of new medications. As generic
manufacturers compete with brand-name manufacturers, they may invest in
research and development to create new formulations or delivery methods for
existing medications. This can help to improve the effectiveness and safety of
medications, while also reducing costs.
Regulatory framework
The regulatory framework is a
critical factor influencing the growth of the Canada generic drugs market. In
Canada, the regulation of generic drugs falls under the jurisdiction of Health
Canada, the federal department responsible for overseeing public health. Health
Canada regulates generic drugs through a rigorous process of review and
approval, which is designed to ensure the safety, quality, and effectiveness of
these medications. This regulatory framework helps to build trust in the safety
and efficacy of generic drugs, which is essential for encouraging their use and
driving the growth of the market. The regulatory framework also helps to create
a level playing field for manufacturers of generic drugs. Health Canada's
review process ensures that all generic drugs meet the same safety and efficacy
standards as their brand-name counterparts, which helps to ensure that patients
receive high-quality medications regardless of whether they choose to use a
brand-name or generic product. The regulatory framework also plays a
significant role in ensuring that patients have access to affordable
medications. Health Canada's review process helps to ensure that generic drugs
are priced competitively, which can reduce the cost of medications and increase
access for patients.
Government support
Government support is a significant
driver for the growth of the Canada generic drugs market. The Canadian
government has implemented various policies and programs to promote the use of
generic drugs and increase access to affordable medications for patients. The
Canadian government sets a maximum price for both brand-name and generic drugs
through the patented medicine prices review board (PMPRB). This helps to ensure
that the prices of medications are fair and reasonable, which can increase
access to affordable medications for patients. Additionally, the government
negotiates prices for generic drugs, which can further drive down the cost of
medications and increase access. The Canadian government also supports the use
of generic drugs through various programs and initiatives. For example, many
provincial and territorial drug plans in Canada encourage the use of generic
drugs by covering them at a lower cost than brand-name medications. This helps
to make generic drugs more accessible and affordable for patients. Furthermore,
the government has implemented programs to support the development and
manufacturing of generic drugs in Canada. For example, the Generic Drug
Manufacturing Initiative provides funding to support research and development,
as well as the construction and renovation of facilities for the manufacturing
of generic drugs. The Canadian Generic Pharmaceutical Association
(CGPA) has launched an advertising campaign, created by leading advertising and
design firm, Key Gordon Communications Inc, to highlight the cost savings
Canadians see from using generic medicines and the savings that can be realized
if more generic medications are used.
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Recent Development
- In 2023, Dr Reddy's Laboratories Ltd.
announced the launch of Reddy-Lenalidomide, a generic equivalent to
Revlimid (lenalidomide) capsules, in Canadian market following an approval
from the Health Canada.
- In 2020, Canada’s drug regulator, Health
Canada, has approved the enoxaparin sodium biosimilars Apo-teriparatide,
Teva-teriparatide and Osnuvo. These drugs are biosimilars of Eli Lilly’s
Forteo/Forsteo (teriparatide), which is a recombinant form of parathyroid
hormone (PTH). Teriparatide is identical to a portion of human PTH, and
intermittent use activates osteoblasts more than osteoclasts, which leads
to an overall increase in bone.
Market Segmentation
The Canada generic drugs market
can be segmented by type, application, form, source, distribution channel, and
region. Based on type, the Canada generic drugs market can be divided into
small molecule generics and biosimilars. Based on application, the Canada
generic drugs market can be segmented into cardiovascular diseases, diabetes,
neurology, oncology, anti-inflammatory diseases, and others. Based on form, the
Canada generic drugs market can be grouped into tablet, capsule, injection, and
others. Based on source, the Canada generic drugs market can be segmented into
in house vs contract manufacturing organizations. Based on distribution
channel, the Canada generic drugs market can be grouped into hospital pharmacies,
retail pharmacies, online pharmacies, and others.
Market Players
Teva Canada Ltd., Sandoz Canada
Inc., Viatris Inc., Sun Pharma Canada Inc., STADA Arzneimittel AG, Novo Nordisk
Canada Inc, Abbott Medical Canada Inc, Sanofi-Aventis Canada Inc are some of the
leading players operating in the Canada generic drugs market.
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Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
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2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
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2024 – 2028
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|
Quantitative
Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
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By Type
By Application
By Form
By Source
By Distribution
Channel
By Region
|
|
Regional
scope
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Ontario
region; Quebec region; Alberta region; British Columbia region; Saskatchewan
and Manitoba region; Rest of Canada
|
|
Key
companies profiled
|
Teva Canada Ltd.,
Sandoz Canada Inc., Viatris Inc., Sun Pharma Canada Inc., STADA Arzneimittel
AG, Novo Nordisk Canada Inc, Abbott Medical Canada Inc, Sanofi-Aventis Canada
Inc
|
|
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 Canada
generic drugs market has been segmented into the following categories, in
addition to the industry trends which have also been detailed below:
- Canada Generic Drugs Market, By Type:
o Small
Molecule Generics
o Biosimilars
- Canada Generic Drugs Market, By
Application:
- Cardiovascular Diseases
- Diabetes
- Neurology
- Oncology
- Anti-Inflammatory Diseases
- Others
- Canada Generic Drugs Market, By Form:
o Tablet
o Capsule
o Injection
o Others
- Canada Generic Drugs Market, By Source:
o In
House
o Contract
Manufacturing Organizations
- Canada Generic Drugs Market, By
Distribution Channel:
o Hospital
Pharmacies
o Retail
Pharmacies
o Online
Pharmacies
o Others
- Canada Generic Drugs Market, By Region:
o Ontario
region
o Quebec
region
o Alberta
region
o British
Columbia region
o Saskatchewan
and Manitoba region
o Rest
of Canada
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present Canada 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).
Canada 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]