Generic Drugs Controlling Chronic Disease Effects in Patients
According to the National Cancer Institute of the U.S., any ailment or medical condition that lasts for 3 months or more is termed a chronic disease. These diseases usually affect the elderly population and can be controlled by the administration of generic drugs, but cannot be cured. Some of the most common forms of chronic diseases are heart diseases, diabetes, and cancer. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are responsible for around 17.9 million deaths, cancer accounts for nearly 9.3 million fatalities, and diabetes ends around 1.5 million human lives annually.
Additionally, the booming geriatric population, owing to the rising life expectancy of people, will also augment the consumption of generic drugs in the foreseeable future. Old age is associated with numerous chronic illnesses which can be cured with generic drugs. According to the World Bank, the average life expectancy of the world stood at 72.742 in 2019. Further, the United Nations Department of Economic and Social Affairs (UNDESA) projects that the global population of people aged 65 years or above will grow from 727 million in 2020 to more than 1.5 billion by 2050.
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At present, pharmaceutical companies such as Cipla Ltd., STADA Arzneimittel AG, Alkem Laboratories Ltd., Sawai Pharmaceutical Co. Ltd., Mylan N.V., Torrent Pharmaceuticals Ltd., Endo International plc, and Glenmark Pharmaceuticals Inc. are actively involved in product approvals and launches to cater to people suffering from respiratory, neurological, metabolic, cardiological, orthopedic, infectious, and hormonal/genitourinary diseases. Generic drugs produced by such companies can be administered through various routes like oral, cutaneous, inhalation, injection, or mucosal.
Geographically, Asia-Pacific (APAC) led the generic drugs market in the recent past and it is expected to retain its dominance in the foreseeable future as well. This can be primarily attributed to the soaring geriatric population, mounting healthcare expenditure, growing prevalence of chronic diseases, and rising implementation of government initiatives aimed at promoting the use of generic drugs in the region. For instance, the United Nations Population Fund (UNFPA) forecasts that by 2050, one in four individuals in APAC will be over 60 years of age.
Thus, the increasing cases of chronic diseases and burgeoning elderly population will augment the intake of generic drugs in the upcoming years.