What is Patent Medicine Market Scope?
A patent drug, which is also commonly known as a nostrum (our remedy), is basically a commercial product that is being developed for the very first time for a specific disease condition. It will initially be sold under a brand name under which the doctor can prescribe the drug for use by patients. Patent medicine is a concept that means that only the pharmaceutical company that owns the patent can manufacture it and make a profit from it. In most cases, a drug patent is granted to pharmaceutical companies for 20 years. In addition, the patent term for a drug sometimes has a different lifespan in years, depending on its usefulness and the country in which the patent was filed for approval. The period of validity of a patent drug is usually seven to twelve years, as a company applies for a patent prior to clinical studies to assess drug safety. Patent drug sales in the United States became increasingly restricted in the early 20th century as the Food and Drug Administration and Federal Trade Commission rolled out more and more regulations to prevent fraud, accidental poisoning, and misleading advertising. The patent medicine market will develop in the forecast period in the coming year.
The Patent Medicine market study is being classified by Type (Product Patents and Process Patents), by Application (Adult and Children) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from European will contribute to the maximum growth of Global Patent Medicine market throughout the predicted period.
Pfizer Inc. (United States), Otsuka Pharmaceutical Co. Ltd. (Japan), Merck & Co. (United States), Novartis (Switzerland), Sanofi SA (Germany), Bristol-Myers Squibb Co. (United States), GlaxoSmithKline (United Kingdom), Amgen Inc. (United States), Hikma Pharmaceuticals (United Kingdom), AbbVie Inc. (United States) and Cipla (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Sun Pharmaceutical Industries (India) and Teva Pharmaceutical (Israel).
Analyst at AMA have segmented the market study of Global Patent Medicine market by Type, Application and Region.
On the basis of geography, the market of Patent Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In July 2020, Pfizer Inc. had submitted a patent application for a tofacitinib oral sustained-release form that was indicated for the treatment of lupus, multiple sclerosis rheumatoid arthritis, and cancer. and In July 2020, GlaxoSmithKline Biologicals SA had patented dried saponin liposomal composition that was used in the lyophilized form for the purpose of the immunogenic vaccine composition.
Influencing Market Trend
- Robust Use of Branded Drugs over Generic Equivalents
- Covid-19 Has Affected the Research and Development in Some Fields of Pharmaceutical Industry
- Significant Growth for Pharmaceutical Products
- Increasing Prevalence of Diseases across the World
- Increasing Elderly Population
- Above-Average Expenditure on Drugs
- Surgical Pharmaceutical Industry Is Experiencing Significant Growth in Patent Filing
- Rise in Research and Development in Masks, Infra-Red Thermometers, Diagnostic Kits, and Mechanical Ventilators
- High Cost of Patent Medicine
- Majority of the Pharmaceutical Companies Practice ‘Patent Ever-Greening’
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Providers of Patent Medicine, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
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