Global Famotidine Market: Overview
Famotidine is a drug that helps in decreasing the production of stomach acid. It is generally sold under the trade name of Pepcid among others. Famotidine is used for the treatment of Zollinger-Ellison syndrome, gastroesophageal reflux disorder, and peptic ulcer disorder. The delivery method of famotidine is either by injection in a vein or oral injection. Generally, it takes an hour to start showing results. Famotidine was first patented in the year 1979. Its medical used came into effect in 1985. The substance is available as a generic drug or generic medication.
Global Famotidine Market: Notable Developments
Some of the notable developments in the global famotidine market are listed below:
- In November 2018, UQUIFA, a key player in the global famotidine market, gave a donation of €3000 to the Sant Celoni Hospital. The money will be used for financing the electrocardiogram section and also improving the equipment of hospitalization in the institute.
- Recently, Darou Pakhsh Pharma Chem, another big name in the global famotidine market announced that the company has registered two of its products in India. The company also announced that it will soon start exporting these two drugs in the Indian market.
- In May 2018, the parent company of UQUIFA S.A, Vivimed Labs Spain S.L. signed an agreement to facilitate the takeover of SONEAS, a Hungry-based CDMO company. SONEAS has its headquarters in Budapest and is one of the prominent names in the innovator pharmaceutical and fine chemical industry. This acquisition of SONEAS has helped in broadening UQUIFA’s presence in the CDMO sector by bolstering the company’s ability to undertake pre-clinical trials, conduct the phase I, II, and III development of the NCE project. These projects also have the potential to enhance the company’s current cGMP manufacturing facilities in Mexico and Spain.
- In July 2014, UQUIFA joined hands with Kern Pharma to develop a generic version of Duloxetine (Lilly’s Cymbalta). Within this joint venture, Kern launched two new versions of Duloxetine, a highest selling drug in the Spanish market. In this partnership, UQUIFA was responsible for the manufacturing of API as well as the pellet forms of Duloxetine. On the other hand, Kern Pharma was responsible for the packaging, encapsulation, and marketing of the drug in Spain.
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Global Famotidine Market: Drivers and Restraints
There are several key factors that are responsible for driving the growth of the global famotidine market. Some of the factors are listed below as follows:
- Host of medical uses: One of the biggest driving factors for the growth of the global famotidine market is its wide range of medical applications. Famotidine provides help in relieving pain from heartburn, sour stomach, and acid indigestion. It is also used for treating duodenal ulcers and gastric ulcers. In addition to this, famotidine is also used for the treatment of gastroesophageal reflux disorder. Such broad range of medical uses has made famotidine extremely popular among the market players and thus increasing its adoption and driving the growth.
- Technological advancements: Recently, the global famotidine market has experienced tremendous technological advancements. This has helped in bringing enhanced and innovative products in the market and has thus helped in the growth of the market.
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Global Famotidine Market: Geographical Outlook
The global famotidine market is segmented into key regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these the global market is projected to be dominated by the Asia Pacific market in the coming years. This growth of the region is primarily attributed to the emergence of developing economies such as India and China who are willing to spend more on the development of the healthcare infrastructure.
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