Biosimilars Market Expected to Expand at a Steady 2021-2028 | Ceva, ROMVAC Company SA, PTSanbe Farma, Jiangyin Caina Technology co. limited

Biosimilars Market

Overview:

Biosimilars are similar to the drugs that previously have been approved. The biosimilars can be manufactured only when the patent for the original product expires, as they are identical copies of the original product. Biosimilars have applications in various types of diseases. They are mostly used in treatment of different types of cancer and non-communicable disease (arthritis and asthma). Biosimilars are comparatively less expensive to manufacture than the original product. For instance, in 2017, a National Center for Biotechnology study reported that development of a new medicine requires around US$ 2.5 billion, whereas development of biosimilars need US$ 100 to US$ 200 million in 8 to 10 years, making it less expensive to manufacture for the market players.

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The global biosimilars market was valued at US$ 5.0 billion in 2017, and is projected to exhibit a CAGR of 35.2% over the forecast period (2018 - 2026).

Drivers:

Increasing investment in R&D of biosimilar products by regional players is expected to boost growth of the global biosimilars market in developing countries. For instance, in October 2016, Cipla Inc. announced the investment of US$8 million to set up a manufacturing plant for biosimilars in South Africa.

Market players are focusing on strategic collaborations in developing countries to strengthen their market share. For instance, Mylan N.V. is in a long-term partnership with Biocon, which is an India-based company.

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Furthermore, loss of patent protection for many companies for various manufacturing companies is expected to create opportunities for pharmaceutical companies to create alternatives to the patents. For instance, Novo Nordisk’s insulin, LEVEMIR is projected to lose its patent rights in 2019. Moreover, termination and expiry of pharmaceutical drugs like Enbrel, Remicade and Humira is likely to create opportunities for new market players to enter the competition.

Key players:

Key players active in the global biosimilars market are, Pfizer, Inc., Celltrion Healthcare Co., Ltd., Amgen, Inc., Sanofi S.A., Novartis AG, Teva Pharmaceutical Industries Ltd., Biocon Limited, and Dr. Reddy's Laboratories.

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