Canada Generic Drugs Market By Type (Small Molecule Generics, Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others), By Form (Tablet, Capsule, Injection, and Others), By Source (In House, Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCanada Generic Drugs Market By Type (Small Molecule Generics, Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others), By Form (Tablet, Capsule, Injection, and Others), By Source (In House, Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and
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
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
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.
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.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| 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 | By Type By Application By Form By Source By Distribution Channel By Region |
| Regional scope | 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. |
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| Delivery Format | 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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