The Future of Generic Pharmaceuticals: Innovations and Trends

Generic pharmaceuticals have revolutionized the healthcare industry since their entry into the market over five decades ago. They expanded patient access to medications by providing more affordable alternatives to costly brand-name drugs, therefore lowering healthcare costs for consumers and improving public health. Today, 9 out of 10 prescriptions filled are generics, though they only make up 18.2% of the country’s drug spend due to their low costs, which tend to be 80-85% cheaper than branded drugs.

The global generic pharmaceutical industry is growing significantly and is expected to reach over $682.9 billion by 2030. So, what’s in store for the future of generic pharmaceuticals? Here’s what we can expect to see from the generic drugs market in the coming years.

Rise of Complex Generic Drugs

The pharmaceutical industry has witnessed an increase in the development of complex generic drugs, which are more challenging to manufacture, test and administer than traditional generics. These drugs typically include products with complex formulations, delivery systems, dosages or devices, or active ingredients made up of complex molecular structures.

Since these drugs are more complex to recreate as a generic version, complex branded drugs are less likely to have a generic version available. With nearly one-third of branded drug products falling into the complex category, it means many of the patients who rely on these complex medications don’t have generic options.

The trend towards complex generic drugs will continue as research progresses and drug product patents continue to expire, creating opportunities for generic drug manufacturers to embrace innovation and introduce new complex generics to the market. This is one of the FDA’s primary focus areas of regulatory science.

Biosimilars and Biologics

Biologic drugs are derived from living organisms rather than chemical synthesis. They have been used to treat complex diseases such as cancer, autoimmune disorders, and diabetes. Biosimilars are biologic medicines available at a lower cost but not quite generics.

They may not be chemically identical since natural ingredients can’t be precisely copied. However, they still have the same treatment/benefits, strength, safety, and purity as the branded biologic version. Since biosimilars often treat complicated illnesses, having that additional flexibility of choice can help manage healthcare costs.

The use of biosimilars is fairly new, with the first FDA-approved biosimilar hitting the market in 2015. Their use is now on the rise since they offer the same efficacy and safety as their branded counterparts at a reduced cost. The biosimilars market is expected to continue growing with an increasing number of biologics coming off patent, leading to significant savings opportunities for patients.

Personalized Medicine and Pharmacogenomics

Personalized medicine is a new approach where treatment is tailored to individual patients based on their unique genetic makeup. Pharmacogenomics is the study of how genes affect an individual's response to drugs. Both are becoming increasingly essential.

As our understanding of genetics and the impact of genetic variants on medication reactions expands, the use of pharmacogenomics to create personalized treatment plans will provide patients with more effective treatments. Pharmacogenomics will help identify patients who are likely to respond better to generic drugs, so we may also see a rise in the use of generics here. Since generics are significantly cheaper than brand-name drugs, this switch can help reduce overall patient healthcare costs.

Telemedicine and Telepharmacy

Telemedicine and telepharmacy are changing how healthcare is delivered, enabling remote patient consultations and medication prescriptions or management. The adoption of these technologies was accelerated by the COVID-19 pandemic, during which virtual care technology was essential, leading to rapid developments that have made it easier than ever to access important medications.

The rise of telemedicine and telepharmacy can improve patient adherence and reduce medication-related problems, especially in rural or underserved areas. As local pharmacies have dropped off, many patients may not have the financial means to travel for healthcare or pay expensive brand-name costs. Telepharmacies and mail-in medication delivery systems help patients get access to affordable generics no matter where they’re located.

The Best Is Yet to Come

The future of generic pharmaceuticals is exciting, with new innovations and trends emerging that will improve patient access to medicines, reduce healthcare costs, and increase patient adherence. Staying informed and up to date with these trends is crucial in a rapidly changing industry.

Westminster Pharmaceuticals prioritizes keeping up with the latest patterns and developments within the generic drug space. We’ve seen just how much generics have improved the outcomes of our healthcare system and are dedicated to increasing access to high-demand drugs to continue this improvement. Find the generic pharmaceuticals we currently provide our partners in our online catalog or learn more about how we’re dedicated to keeping generic costs low for partners and patients alike, today and always.