The biosimilar market is presently a small segment of the pharmaceutical industry. However, in the years to come, the market for biosimilars has huge growth opportunity despite of the high entry barriers. The governments in the developed countries are desperately trying to control their national healthcare expenditure. Furthermore, the patents for several original bio drugs are expected to expire in the coming decade. These factors along with the new biosimilar guidelines by the US Food & Drug Administration are paving the path for the growth for the biosimilar market.
Biosimilars are generic version of bio drugs or off patent bio drugs, which are usually more cost effective compared to the original version of the drug. So far, Europe has been the most developed market for biosimilars. The biosimilar market in the Europe is strictly governed by European Medicines Agency (EMA).
The global biosimilar market is expected to become highly competitive in the coming years as original chemical drug makers, generic chemical drug makers, and original bio drug makers are entering into biosimilars business seeing the growth potential of the market. Within the biosimilar market, the pipeline for anti- TNF biosimilars is quite higher compared to other biosimilars.
It is expected that the market for Epoetin alpha and Insulin-glargine biosimilars will grow significantly during 2010-2015 in the developed countries, mainly driven by cost containment efforts from the US and European governments. Within the global first generation biosimilar market, the market for G-CSF biosimilar recorded huge growth in 2010 compared to the previous year.
The growth of the biosimilar market is mainly driven by rising aging population, growing healthcare expenditure, growing worldwide economy, and patent expiries of market leading bio drugs. New technologies like recombinant DNA technology, protein sequencing, protein electrophoresis, and western blotting are also expected to have a positive impact on the market. However, requirement of extensive clinical trials for obtaining approval, lower profit margins, and lower return on investments continues to challenge the attractiveness of the biosimilars market.
The report analyzes the global biosimilars market. The various drivers and challenges faced by the market are discussed in detail. The competitive landscape of the market is also highlighted and the key players are profiled with their key business strategies.