April 16, 2018
WELLESLEY, Mass., April 16, 2018– An increase in the aging population, rising incidences of various diseases and increasing pressure to cut healthcare costs are driving explosive growth of the biosimilars market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 30.5% through 2022, when it could be worth $20.8 billion, according to the report Biosimilars: Global Markets.
Biosimilars are replicas of original biopharmaceuticals. They are less expensive than the originals, but complexities associated with their development have led to extensive approval guidelines and regulations being enacted by federal agencies.
Major players in the market mentioned in this report include 3S Bio, Allergan, Amgen, Biocad, Celltrion, DM Bio, Emcure Pharmaceuticals, Fujifilm Diosynth Biotechnologies, Gedeon Richter, Green Cross, Hanwa Chemical Corp., Intas Pharmaceuticals, JHL Biotech, LG Life Sciences, Mabxience, Merck, Mylan, Nanogen Biopharmaceutical, Pfenex, Pfizer, Samsung Bioepis and Tanvex Biopharma.
“Billions of dollars are at stake for the branded pharmaceuticals market due to patent expiration,” said report author and BCC Research analyst Kamna Jhamb. “This has led to a strong push for the biosimilar manufacturers. Also, according to Deloitte’s 2017 report on biosimilars … in the U.S. alone, the switch from branded to biosimilar drugs is likely to save between $40 and $250 billion in the next 10 years.”
Patent Challenges and Pricing May Restrict the Market
Although the market expects robust growth through 2022, there are a number of factors impacting the global biosimilars industry. Chief among them is patent challenges from the original drug maker. These are especially present in the American market, where the entry of biosimilars is often challenged by innovators holding patents. Pricing is also affecting the entry of biosimilars into the market, as many drug originators offer heavy discounts on patented drugs to challenge pricing offered by biosimilars.
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Biosimilars: Global Markets( BIO090C )
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