According to the latest report by IMARC Group, titled “Japan Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the Japan generic drug market is expected to grow at a CAGR of around 9% during 2021-2026.

Generic drugs are bioequivalent of brand-name drugs, which are similar in terms of safety, strength, quality, dosage form, stability, impact, intended use and the route of administration. The active ingredients in these drugs also work in the same manner and amount of time as their branded version. However, certain characteristics, including color, shape and flavoring, can differ from the original version since altering these characteristics does not affect the safety or effectiveness of the medicines. Proven to be as safe and effective as their branded counterparts, generic medicines are available at an affordable price point since the manufacturers do not have to invest in drug discovery, preclinical and clinical trials, and promotional campaigns.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Japan Generic Drug Market Trends:

In Japan, generic drugs have experienced a relatively lower penetration rate as compared to other developed countries, primarily due to the preference for branded drugs among patients and physicians. As a result, initiatives undertaken by the Government of Japan have been crucial in facilitating the market growth. For instance, the Government has initiated several administrative and educational programs to reduce brand loyalty among physicians. It has also introduced policies to offer incentives to ensure the proactive distribution of generic drugs by pharmacies. Consequently, growing awareness among the masses regarding the efficiency of and the cost benefits provided by generic medicines is projected to create numerous growth opportunities for new entrants in the market.

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/japan-generic-drug-market

Furthermore, the market for generic drugs in Japan is driven by a significant increase in cardiometabolic risk factors among the population. Rising prevalence of hypertension, hyperlipidemia, diabetes, dyslipidemia, metabolic syndrome and obesity in the country has been witnessed in recent years, especially among the middle-aged and older population. This has consequently escalated the demand for affordable medicines in the country, thereby creating a positive outlook for the market. Apart from this, the increasing geriatric population is expected to catalyze the market growth in Japan. Moreover, the upcoming patent expiry of a vast array of blockbuster drugs is projected to expand the product portfolio of the manufacturers.

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