The increasing application of robotic process automation, branded medicine patent expiries and the rising prevalence of chronic diseases are expected to make the global generics drug market to reach $574.63 billion by 2030. According to Precedence Research, the global generic drugs market was worth $390.57 billion in 2020 and is projected to reach approximately $574.63 billion by 2030, attaining a compound annual growth rate (CAGR) of 5.59 percent between 2021 and 2030. A generic drug is ‘created to be the same as an existing approved brand-name drug in dosage form, safety, strength, method of administration, quality, and performance characteristics’, according to the US Food and Drug Administration (FDA).

Generic drugs work in the same way as branded drugs in terms of clinical benefits. Generic drugs are manufactured after the expiration of the exclusive rights or patent of the branded drugs. For example, some of the generic drugs in the generic pharmaceuticals market include metformin, metoprolol, acarbose, acebutolol, aztreonam and many more.

After a drug’s patent expires, the cost savings associated with generic use do not appear right away. Generic medications, like branded drugs, require generic market competition before costs decline; two to three years after losing exclusivity protection, generic drug prices typically fall by 60–70 percent relative to their branded counterparts. The rising...