COVID-19 Impact on Generic Drugs in Pharmaceutical Industry | DBMR

Posted by Rajesh M on April 27th, 2021

COVID-19 Impact on Generic Drugs in Pharmaceutical Industry

OVERVIEW

In early 2020, a new virus began to make headlines around the world due to an unprecedented rate of infection. Its origins can be traced to the food market in Wuhan, China in December 2019. Coronavirus (COVID-19) is a contagious disease caused by newly discovered coronavirus. The United States is the most affected country. The disease caused by SARS-CoV-2 infection is called COVID-19, which stands for coronavirus disease 2019. As the final treatment for confirmed COVID-19 has not yet been identified, there is considerable interest in repeating existing generic drugs for use against COVID-19.

Generics can easily be produced without fear of intellectual property protection infringement, they have created protection profiles and as the results are more likely to get approval from the Food and Drug Administration and they can come directly to market by avoiding the early stages of testing in stage 3 clinical trials. Republished generics also provide the possibility of lower prices after development, increasing limited budget payers and access to patients worldwide.

IMPACT ON PRICE 

A large number of challenges are being faced by the various market players due to the emerging of the novel coronavirus, one such issue is the uncertainty surrounding the impact of COVID-19 on generic drugs demands. Due to the increased demand of generic drugs for coronavirus treatment and increased travel and transportation costs the price of generic drugs has increased.

According to Association for Accessible Medicines (AAM), the cost of shipping drugs to the United States has risen sharply due to the global epidemic of pandemics, according to a new survey by generic drug manufacturers conducted by the Association of Accessible Medicines (AAM). A survey of generic and biological pharmaceutical manufacturers AAM found that travel and transportation costs rose by an average of 224%, while at least one manufacturer reported a 413% increase in transportation costs compared to the same pre-crisis costs. Generic drugs are 90% of all prescriptions issued in the United States. With the increasing demand and transportation costs of generic drugs have led to the increase of the generic drugs price.

IMPACT ON DEMAND

The corona virus zone is the result of various markets around the world. This is the cause of the widespread closures and isolation that are affecting world economic activity.

COVID-19 has led to the increased demand for APIs and drugs; those used against malaria are most in the demand and then bronchodilators, antibiotics and antivirals. A second wave of deficiency is observed among sedatives, analgesics, anesthetics and muscle relaxants needed to care for patients on ventilators. This persistent shortage has increased the need for generic drugs, which has led to the accelerated FDA approval and the abolition of existing import warnings. About 48 percent of the world's pharmaceuticals used to make generic medicines come from India and China.

As the pandemic of COVID-19 progresses, manufacturers of generic and biologic drugs work around the clock to ensure American patients have access to the drugs they need. Despite global drug chain companies straining under unparalleled pressure and demand, 9 out of 10 prescriptions filled in the United States are meeting the challenge.

The impact of COVID-19 has created an opportunity for the number of patients as there is high chance of adverse health effects of COVID-19 on the people.

IMPACT ON SUPPLY

As the epidemic intensifies, supply chains can be at significant risk due to locations that are over-located and potentially disrupted. Read in detail….