Lead analyst says ” Global Biosimilars and Follow-on Biologics Drugs market set to grow to $29bn by 2023″
18 June 2018
Visiongain’ has launched a new pharma report Global Biosimilars and Follow-On Biologics Market : Monoclonal Antibodies (mAbs), Fusion Proteins, Insulin, Erythropoietins, Granulocyte Colony-Stimulating Factor (G-CSF), Interferons, Growth Hormones, Fertility Hormones
A biosimilar is a biological drug that is ‘highly’ similar to an already approved branded biologic. Patents on many leading biologic products are set to expire in the coming years, opening them up to biosimilar competition and offering hope to patients and nations alike. The market is set to experience rapid growth between 2016 and 2028, with many pharmaceutical companies developing biosimilars to take advantage of that market’s vast potential and patients’ needs. Biosimilars are already well-established in emerging markets, however developed markets have traditionally lagged behind.
The lead analyst of the report commented “The US is not the only country that will drive growth in the global biosimilars market. Other developed markets, such as those in Europe, present an opportunity for growth. Many of these nations face huge deficits in their national healthcare budgets and are in need of the huge savings that biosimilars can provide. This is especially true given the rising prevalence of chronic diseases which are placing a huge strain on national healthcare budgets.
Emerging markets have traditionally posed the best opportunity for growth for biosimilars, and they will continue to be a source of growth throughout the forecast period. These nations have limited budgets, combined with large ageing populations, which presents a need for biosimilar therapies. Biosimilars offer these nations a way to widen access to healthcare at a reasonable cost.”
Leading companies featured in the report include Sandoz, Teva, Hospira, Celltrion, Amgen, Dr. Reddy’s Laboratories, 3SBio, Wockhardt , Ranbaxy, LG Life Sciences, Biocad, Boehringer Ingelheim, PROBIOMED
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