Biosimilars Market Business Strategies, and Regional Outlook

In recent times, there has been a steep rise in the demand for cheap drugs because of the growing prevalence of various diseases across the world. One type of cost-effective drugs which is rapidly gaining traction in the healthcare domain is a biosimilar. In simpler terms, a biosimilar is defined as a biologic or a biologic medical product which is extremely similar to a commonly used generic drug, which is itself based on the reference medicine.

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Both generic drugs and biosimilars are widely marketed and advertised as cheaper alternatives to expensive branded medicines. They are available when pharmaceutical firms' exclusive patents for costly new medicines expire. This high level of similarity that exists between the two products often leads to confusion and unpleasant situations for buyers at medical stores and pharmaceutical outlets. Therefore, it is important to understand the key differences between the two. After all, those awkward stares, sideways glances, and eye-rolls are not the things we usually look forward to while visiting a drug store, right?

Generics vs Biosimilars

While generic drugs are extremely identical to the original medicines in terms of chemical composition, biosimilars are only similar to the original drugs in terms of their clinical and therapeutic results. Moreover, generic drugs are exact copies of the original synthetic drugs, while biosimilar drugs normally use living beings as essential ingredients. As per the Regulatory Consideration for Biosimilar Products report published by Soo-Kyoung Suh, Ph.D., a biosimilar is "A biotechnological product that is proved to be comparable to an already-approved reference product in quality, non-clinical, and clinical evaluation."

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Because of the inexpensive nature of these drugs as compared to the original medicines, surging investments being made in R&D activities by numerous biopharmaceutical firms, and rising incidence of chronic diseases, the sales of biosimilars are soaring all over the world, as a result of which the global biosimilars market is exhibiting rapid expansion.

Why Are Biosimilars Becoming Important?

• Increasing Geriatric Population: Since the last few years, there has been a sharp rise in the population of elderly people all over the world. This is mainly because of the rapid advancements being made in the healthcare domain, growing healthcare expenditure in many countries, rising public awareness on various medical conditions, and ease of access to proper medical care. As per the United Nations, "There were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050." The surge in the geriatric population will push up the prevalence of diseases and ailments, which will, in turn, boost the requirement for biosimilars.

• Growing Incidence of Chronic Diseases: As mentioned above, this is another important factor which is positively impacting the sales of biosimilar drugs across the world. Due to the rising stress levels in people, increasing consumption of fast foods and other unhealthy food items, and surging adoption of a sedentary lifestyle, the incidence of chronic diseases and ailments is rapidly shooting up in all age groups. According to the findings of the World Health Organization (WHO), 31% of all deaths across the globe were caused due to cardiovascular diseases in 2016. Further, cancer was the second-biggest cause of deaths, claiming the lives of nearly 9.6 million people in 2016.

• Lower Cost of Biosimilars: One of the things that make biosimilars so popular, especially among the middle-class people, is their lower costs in comparison to branded drugs. As per the Pharmaceuticals Journal, the costs of biosimilar drugs are 10-70% lesser than branded biologics. For example, compared to the $6.7 million for rituximab biologics, the total cost of a six-month-long treatment based on biosimilar drugs is only $3.3 million.

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