14th
May 2019 - “Veterinary
product manufacturers have altered their prescribing methodologies by in-house
pharmacy and availability of generic animal drugs so as to foster
cost-effective treatments.” The global animal generic drug market
has been estimated to foresee an explosive growth by the year 2028.
The growing competition in the pet medicine industry is fueling the
penetration of animal generic drugs. However, generic drugs have been
attributed to have lower profit margins for manufacturers and is therefore,
hindering the market growth. Several national distributors have started to
produce generic drugs under private label, which is propelling market
expansion.
Based on type, animal generic drug market has been segmented into
Pharmaceuticals, Medicinal Feed Additives, and Biologicals. Broilers, Cows,
Pigs, and others have been identified as application types of the global
market. Geographical segmentation has presented a detailed analysis of animal
generic drug market growth prospects across the regions of North America, the
Asia Pacific, Europe, the Middle East, and Africa, and Latin America. The North
American market dominates the brand-name versions attributed to incorporation
of latest technological advancements and new delivery methods.
The competitive landscape showcases the profiles and business strategies
of the major players, along with their recent developments. Some of the
dominant players operating in this market include Bayer Animal Health, Merck,
Bimeda, Ceva Sante Animale, Boehringer Ingelheim, Huvepharma, Elanco, Norbrook,
Vetoquinol, Perrigo, Merial and Zoetis among others.
Players are entering into business partnerships with fellow contestants
and are significantly investing in innovation strategies, which is estimated to
drive the cellular vendors to reach new growth markets. The market participants
have identified the industry cost structure, supply chain mechanism, major
distribution channels, and production capabilities. They have taken into
consideration several factors that have deterred the development generic animal
drugs against human medicines. The industry players are keen on to incorporate
restrictive distribution practices, along with selective regulatory measures so
as to facilitate research and development activities that would likely benefit
customers.
The market competition is escalating at a steady pace with the advent of
technological innovation and several Merger & Acquisition activities across
the industry. Furthermore, local and regional vendors are offering specific
application products for varied end-users. The new vendor entrants in the
market are finding it hard to compete with the international vendors based on
quality, reliability, and innovations in technology.
Merial manufactures and markets veterinary products including
antiparasitic, anesthetics, antimicrobials, respiratory, gastrointestinal, and
cardiovascular medicines. It also produces vaccines for poultry, livestock, and
pets. Elanco products include feed additive, flea protection for cats and dogs,
etc. Novartis Animal Health is known for its popular products for treating pain
and heart-worm, dermatitis, flea protection, and parasite infestation in farm
animals. Later in 2015 the company was acquired by Eli Lilly for $5.4 billion.
The House and Senate have passed a new legislation to grant access to additional
tools and FDA approved drugs for improving animal treatment and patient care.
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