According to the recent report by IMARC Group, titled “Brazil Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” offers a comprehensive analysis of the industry, which comprises insights on Generic Drug market in Brazil. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Brazil generic drug market reached a value of US$ 16.6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 7.7% during 2021-2026.
A generic drug is a pharmaceutical drug created to be the same as asimilar to a marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. It works similarly and provides the same clinical benefit as the brand-name medicine. It is allowed for sale after the patents on the original drugs expires. The widespread utilization of robotic process automation (RPA) in generic drug manufacturing is creating a positive outlook for the market. After the introduction of generic drugs, Brazil’s pharmaceutical industry has undergone a significant transformation.
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Brazil Generic Drug Market Trends:
The market in Brazil is majorly driven by the increasing geriatric population that is susceptible to developing chronic diseases. In line with this, the rising prevalence of lifestyle diseases among the masses is significantly contributing to the market growth. Furthermore, significant cost savings achieved from the use of generic drugs is positively influencing the market growth across the region. Apart from this,the growing number of branded medicine patent expiries are catalyzing the market growth across the country. Moreover, the widespread application of robotic process automation (RPA) is creating a positive outlook for the market. Some of the other factors contributing to the market include the widespread awareness regarding the cost-effectiveness of generic drugs and the advent of e-pharmacy solutions in Brazil. Besides this, rapid urbanization and inflating disposable income are propelling market growth. Additionally, increasing consumption of tobacco, physical inactivity, and unhealthy diet are providing an impetus to the market growth. Several manufacturers in Brazil are increasingly focusing on introducing effective generic drugs, thus strengthening the market growth.
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Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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Other Reports of IMARC Group:
North America Generic Oncology Drug Market: https://www.imarcgroup.com/north-america-generic-oncology-drug-market
Brazil Diabetes Market: https://www.imarcgroup.com/brazil-diabetes-market
Canada Diabetes Market: https://www.imarcgroup.com/canada-diabetes-market
France Diabetes Market: https://www.imarcgroup.com/france-diabetes-market
Germany Diabetes Market: https://www.imarcgroup.com/germany-diabetes-market
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