"Japan Generic Drug Market Propelled by Efforts to Support Generic Substitution - IMARC Group"
The Japan generic drug market has witnessed strong growth over the past several years. This can be attributed to the favorable initiatives taken by the Government to minimize healthcare spending and reduce brand loyalty among physicians.
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.
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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. 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. These initiatives have led to an increase in the sales of generic drugs in Japan. 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. 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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The competitive landscape of the Japan generic drug market has been examined with detailed profiles of the key players. Some of the players operating in the market include Teva Pharmaceutical Ltd., Sawai Pharmaceutical Co., Ltd., Nichi-Iko Pharmaceutical Co., Ltd., Pfizer Japan Inc., Meiji Seika Pharma, Towa Pharmaceutical, Nipro Pharma Corporation, Fuji Pharma Co., Ltd., Daiichi Sankyo Espha Co., Ltd. and Nihon Generic Co. Ltd.
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