Focus on Sustainable Cost Reduction, High Cost of Branded Biologics & Impending Patent Expiries of Major Biologics Drive the Global Biosimilars Market
Growing focus of governments worldwide to build a sustainable healthcare system that promises affordable access to quality care; high cost of branded biologics; impending patent expiries of several blockbuster branded biologics, and the resulting opening up of opportunities for biosimilars are poised to drive the global market for Biosimilars to reach US$23.3 billion by 2022 . Biopharmaceuticals or biologics gained popularity owing to their better efficacy over difficult diseases such as cancer and autoimmune disorders. But given their high prices and focus of global governments on reducing healthcare expenditure, aggressive efforts laid the groundwork for biosimilars. Several blockbuster biopharmaceuticals, including Roche’s Avastin, face patent expiry in the next few years. Though it signals loss of revenues for pharmaceutical giants, patent expiry provides a huge opportunity for companies engaged in developing biosimilars and generic medicines. Biosimilars, the copy products o...