Japan Generic Drug Market to Expand at a CAGR of 10% Over 2019-2024 - IMARC Group

Japan Generic Drug Market Research Report and Forecast 2024

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Report Description

Japan Generic Drug Market Overview: According to the latest report by IMARC Group, titled “Japan Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024�, the Japan generic drug market reached a value of US$ 13.4 Billion in 2018, growing at a CAGR of nearly 9% during 2011-2018. Although Japan is one of the largest pharmaceutical markets across the globe, the generic penetration rate in the country is lower as compared to other developed regions such the US and Europe. The country offers universal health coverage to its citizens under the state-funded National Health Insurance system. In recent years, the aging population coupled with a shrinking workforce and taxation base has increased the national healthcare spending. This has encouraged the Government to promote the substitution of branded drugs with their generic variants.

Japan Generic Drug Market Trends Both physicians and patients in Japan prefer branded drugs owing to the perceived inferiority of generics and a lack of incentives for their substitution. In line with this, the Ministry of Finance in Japan has introduced modifications in the prescription form as well as fee changes for pharmacists and prescribers.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

In Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

These initiatives have led to an increase in the sales of generic drugs in Japan. Looking forward, the market is projected to reach a value of US$ 23.5 Billion by 2024, exhibiting a CAGR of around 10% during the next five years.

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Apart from this, the Japanese Government is aiming to reduce brand loyalty among physicians by initiating several administrative and educational programs and by revising the reimbursement pricing for regular pharmaceutical products. In addition, the Ministry of Health, Labor and Welfare (MHLW) has imposed measures to limit healthcare expenditure, such as the “Z2 rule” which revises the prices of targeted mature originator drugs annually, until generics account for around 60% of the total market volume. Moreover, the country has become more welcome to international generic manufacturers to increase competitiveness in the industry and further drive down prices. Several Japanese pharmaceutical companies are outsourcing the manufacturing of generics to countries such as India, to lower the overall production costs.

For more information, click here: https://www.imarcgroup.com/japan-generic-drug-market Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • •

Teva Pharmaceutical Ltd Sawai Pharmaceutical Co.Ltd. Nichi-Iko Pharmaceutical Co., Ltd

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Pfizer Japan Inc. Meiji Seika Pharma Towa Pharmaceutical Nipro Pharma Corporation Fuji Pharma Co., Ltd., Daiichi Sankyo Espha Co., Ltd. Nihon Generic Co. Ltd.

Browse Related Report Generic Drug Market Report: https://www.imarcgroup.com/generic-drug-manufacturing-plant HIV Drug Market Report: https://www.imarcgroup.com/hiv-drug-market

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