The Generic Drugs Market is expanding as a result of a number of additional variables, such as the sharp rise in chronic illness incidence. The expense of commercially available drugs makes long-term treatment for chronic conditions unaffordable. Therefore, when demand for pharmaceuticals increases over time, more patients choose for generic versions. About 51.8% of US individuals have one chronic illness, while about 27.2% have several chronic disorders, according to the National Health Interview Survey (NHIS).
According to the WHO, chronic diseases can also result in about 38 million deaths globally each year. Because of this, the Generic Drugs Market is growing at an exponential rate along with the frequency of chronic diseases. As a result of increased industry rivalry brought on by generic drugs, costs have decreased and more people are being prescribed generic medications by healthcare professionals. Nine out of ten prescriptions in the United States are filled with generic medications since they are 85% less expensive than brand-name medications, saving over $2.2 trillion over the past ten years.
