Generic Drugs Market Growth: Key Drivers and Emerging Opportunities

A generic drug is a pharmaceutical product that matches a brand-name counterpart in dosage, strength, administration route, quality, and intended use but lacks the brand name. Generic drugs are often more cost-effective than their brand-name counterparts. The generic drugs market is expanding owing to the rising demand resulting from the expiration of patents for brand-name medications. Additionally, the increasing global healthcare costs are fostering a positive generic drugs market outlook. The growth is further propelled by the rising elderly population worldwide, characterized by various chronic conditions like cardiovascular diseases, diabetes, and respiratory disorders.