Israel
Generic Drugs Market is anticipated to witness substantial growth through 2028,
owing to the incorporation of artificial intelligence (AI)
in healthcare technologies for drug docking and prevailing cases of several
chronic and infectious diseases.
Generic drugs are those medications that are
bioequivalent to branded drugs in terms of quality, safety, and efficacy but
are sold at a lower cost, making them a more affordable option for patients. The
generic drug market in Israel has been experiencing a significant rise in
recent years, driven by various factors, such as government policies,
increasing demand for affordable healthcare, and a thriving pharmaceutical
industry. One of the key factors contributing to the growth of the Israel generic
drug market is the surging demand for affordable healthcare. With the
increasing cost of healthcare worldwide, patients and healthcare providers are
seeking cost-effective alternatives to expensive brand-name drugs. Generic
drugs offer a viable solution, as they are typically priced 20-80% lower than
their brand-name counterparts, making them more accessible to patients and
reducing the financial burden on the healthcare system.
The Government of Israel has been supportive of
the generic drug industry, implementing policies that foster competition and innovation.
For instance, the government has been promoting the establishment of local
generic drug manufacturing facilities through various incentives, such as tax
benefits and grants. These initiatives have not only boosted the production of
generic drugs in Israel but have also created employment opportunities and contributed
to the overall economic growth of the country, which is expected to propel the Israel
generic drugs market in the coming years. The Ministry of Health has
implemented policies to promote the use of generic drugs, including measures
such as mandatory generic substitution and prescription by international
non-proprietary name, which refers to the active ingredient of a drug rather
than its brand name. These policies have been successful in encouraging the use
of generic drugs in Israel, leading to increased competition among
manufacturers and driving down prices.
Companies in Israel are at the forefront of
developing cutting-edge generic drugs using advanced technologies such as
nanotechnology, encapsulation, and biotechnology. The growing generic drug
market in Israel has also been fueled by the increasing prevalence of chronic
diseases, such as cardiovascular diseases, diabetes, and cancer, which require long-term
medication use. Generic drugs have been proven to be as effective as brand-name
drugs in managing these chronic conditions but at a fraction of the cost. This
has led to higher adoption of generic drugs in the treatment of chronic
diseases, resulting in increased demand and market growth.
According to the National Library of Medicine, compared to other OECD
nations, Israel spends less on health care than the average amount. This
includes particularly little money on prescription drugs.
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Rising
Cases of Chronic Diseases and Surge in Aging Population
One
of the key drivers behind the demand for generic drugs is the rising cases of
chronic and infectious diseases. The rising aging population and the increasing
prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and
cancer, are driving the demand for affordable healthcare solutions, including
generic drugs. As the aging population continues to grow, and the burden of
chronic diseases increases, the need for cost-effective generic drugs to manage
these conditions is expected to drive the demand for generic drugs. This demand
is expected to continue to grow in the coming years with the increasing population.
Israel is witnessing an increasing demand for generic drugs due to their
cost-effectiveness. As the markets continue to expand and their populations
seek affordable healthcare options, the demand for generic drugs is expected to
rise, driving the Israel generic drugs market.
Moreover,
the government's initiatives to promote generic drugs have also contributed to
the demand for Generic Drugs in Israel. Regulatory agencies, such as the U.S.
Food and Drug Administration (FDA), play a crucial role in the approval of
generic drugs. As regulatory agencies continue to streamline the generic drug
approval process, and as more generic drugs receive approval, it leads to increased
availability of generic drugs in the market. This drives the competition and
contributes to the growth of the generic drug market in the country.
In
addition, companies are investing in the development of new and more efficient generic
drugs to meet the growing demand and to improve efficiency and performance. Hence,
all these factors or efforts are going to propel the Israel generic drugs
market.
Greater
usage of generic medications appears to make sense from the viewpoints of the
healthcare system (due to cost containment) and that of the patient, as it
promotes medication adherence and its favorable clinical and financial effects.
Also, increased adherence is linked to lower hospitalization risk and overall
healthcare expenses for chronic illnesses. Therefore, a larger usage of generic
medications can decrease both the direct and indirect costs of the whole
healthcare system. According to the National Institute of Health, cancer
rates in Israel range from 276 to 340 per 100,000 in males and 196–307 per
100,000 in females.
Continued
Technological Advancements in Healthcare Industries
The
field of medicine has witnessed a remarkable transformation, fueled by advancements
in technologies, leading to the discovery of several generic drugs. Technological
innovations have not only streamlined the process of generic drug production
but have also expanded the availability and quality of these essential
medications. During the production of generic drugs, automation has improved
efficiency and precision, reduced human error, and speeded up the manufacturing
process.
Automated
systems can perform tasks, such as measuring and dispensing raw materials,
mixing ingredients, and packaging finished products with high accuracy and
consistency. This has resulted in faster production times, improved quality
control, and reduced costs which leads to the growth of the Israel generic drug
market.
AI
has also played a significant role in drug development and manufacturing. Machine
learning algorithms can analyze vast amounts of data, including chemical
structures, pharmacological properties, and clinical trial results, to identify
potential drug candidates and optimize manufacturing processes. AI can predict
drug stability, solubility, and other critical characteristics, enabling
manufacturers to produce generic drugs with consistent quality and efficacy as
well. Therefore, it is expected that growing technological advances in Israel has
a positive impact on the Israel generic drugs market. According to the
International Trade Administration, the market for healthcare technology in
Israel is estimated to be worth USD$ 6.2 billion, of which USD$ 3.8 billion goes
to pharmaceuticals.
Recent
Developments
· In July 2021, Perrigo
Israel Pharmaceuticals Ltd completed the USD$1.55 billion sale of Altaris
Capital Partners, an investment firm, of its generic prescription
pharmaceuticals business.
· In 2019, Vitamed, a fully owned unit of Rekah
Pharmaceutical Industry Ltd., signed a legally binding contract with Teva
Pharmaceutical Industries Ltd. to manufacture several prescription and
over-the-counter medications and products for preventing infections in hospitals.
Market
Segmentation
The Israel generic drugs market is segmented by type, application, drug delivery, distribution channel, and region Based on type, the market is divided into
pure generic
drugs and branded generic drugs. Based on application, the market is
categorized into CNS, cardiovascular, dermatology,
genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology, and
others. Based on drug delivery, the market is categorized into oral, injectables, dermal/topical, and inhalers. Based on distribution channel, the market is
categorized into retail pharmacies and hospital pharmacies.
Based on region, the Israel generic drugs market is segmented into the
Mediterranean Coastal Plain, The Central Hills, The Jordan Rift Valley, and The
Negev Desert.
Company
Profiles
Vitamed Pharmaceutical Industries
Ltd, Perrigo Israel Pharmaceuticals Ltd., Taro Pharmaceutical Industries Ltd, Bonus
BioGroup Ltd, Teva Pharmaceutical Industries Ltd., Rafa Laboratories ltd, Dexcel
Pharma Technologies Ltd., Unipharm Ltd, Fischer pharmaceuticals limited, and Beit
jala pharmaceuticals co are some of the key players in Israel generic drugs market.
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Attribute
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Details
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Base Year
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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, Volume in tons, and CAGR
for 2018-2022 and 2023-2028
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Report Coverage
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Revenue forecast,
volume forecasting, Company shares, competitive landscape, growth factors,
and trends
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Segments Covered
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Type
Application
Drug delivery
Distribution Channel
Region
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Country Scope
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The
Mediterranean Coastal Plain, The Central Hills, The Jordan Rift Valley, The
Negev Desert.
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Key Companies Profiled
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Vitamed
Pharmaceutical Industries Ltd, Perrigo Israel Pharmaceuticals Ltd., Taro
Pharmaceutical Industries Ltd, Bonus BioGroup Ltd, Teva Pharmaceutical
Industries Ltd., Rafa Laboratories ltd, Dexcel Pharma Technologies Ltd.,
Unipharm Ltd, Fischer pharmaceuticals limited, Beit jala pharmaceuticals co
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Customization Scope
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10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
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Pricing and Purchase
Options
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Avail customized
purchase options to meet your exact research needs.
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Delivery Format
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PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report Scope:
In this report, the Israel Generic Drugs market has been
segmented into the following categories, in addition to the industry trends, which
have also been detailed below:
- Israel Generic
Drugs Market, By Type:
- Pure
Generic Drugs
- Branded
Generic Drugs
- Israel Generic
Drugs Market, By Application:
- CNS
- Cardiovascular
- Dermatology
- Genitourinary/Hormonal
- Respiratory
- Rheumatology
- Diabetes
- Oncology
- Others
- Israel Generic
Drugs Market, By Drug Delivery:
- Oral
- Injectables
- Dermal/Topical
- Inhalers
- Israel Generic
Drugs Market, By Distribution Channel:
- Retail Pharmacies
- Hospital
Pharmacies
- Israel Generic
Drugs Market, By Region:
- The
Mediterranean Coastal Plain
- The Central
Hills
- The
Jordan Rift Valley
- The
Negev Desert
Competitive landscape
Company Profiles: Detailed analysis
of the major companies in the Israel 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).
The Israel 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].