COVID-19 Impact on Generic Drugsin 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. Read in detail...