Biosimilars Market in India 2017
Netscribes’ latest market research report titled Biosimilars Market in India 2017, describes the current and forecasted dynamics of the biosimilars market in India. The increasing incidence of diseases such as CVD and CHD, cancer and diabetes has led to an increase in the demand for these products and has resulted in the growth of this industry in India. Biosimilars are typically marketed at prices that are 25% to 40% below the prices of original branded products. This has been the primary appeal to customers. Moreover, the rise in the number and quality of tertiary care centers is resulting in the greater usage of these products. Rising drug costs, limited healthcare budgets across the world and patent expiries of biotechnology drugs have created a huge opportunity for biosimilar manufacturers. There aren’t too many players in the market and the industry is dominated by a small number of sellers leaving a room for the new entrants in the market.
However, required capital investment and operating costs for manufacturing is much higher for biosimilars than for generic drugs. The process to develop a generic version of biosimilar is also complex than developing a generic copy of a chemical-based compound. Extensive funding is required due to emerging rigorous regulatory requirements which act as a challenge for the players in the industry. Lack of widespread awareness towards the biosimilar products is also acting as a drawback for the industry as people tend to avoid using biosimilar products. The stringent regulatory framework of the healthcare industry which requires biosimilars to undergo several regulatory measures is cumbersome for companies looking to constantly innovate and launch new products in the market. Although there are challenges in the industry, the market for biosimilars is expected to grow with more players entering the market and development of new biosimilar products for the treatment of chronic diseases.
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