Costly biologics have tormented healthcare consumers since always. Biosimilars market has come up as the best ‘alternative’ bet with their cost-effectiveness, as governments across the world try to curb the spiralling costs. Biologic drugs are 22 times costlier than traditional drugs, and it is expected that biologics will encompass 50% of the US prescription drug expenses by 2018. Hence, governing authorities are engrossed on curtailing the rising healthcare costs via the biosimilars market route. The patent cliff of biologics with collective US sales of $79 billion between 2013 and 2018 is projected to build a solid growth opportunity for biosimilars industry players.
As opposed to Europe, the US adopted universal healthcare (through the Affordable Care Act, also known as Obamacare) in 2010, which explains the delay in creating a regulatory path for market approvals of biosimilars in the US. The Food and Drug Administration (FDA) takes into account the pharmacokinetic analytic studies for biosimilars and also directs companies to conduct clinical trials comparing the biosimilar to the originator medicine. According to numerous evaluations, healthcare savings via biosimilars market range from $25 billion to $250 billion over the period 2014-2024. The global sales of biosimilar drugs are expected to rise from $2.5 billion in 2014 to $26.5 billion by 2020.
Unlike in the EU, approval for biosimilars market in the US can have a substantial influence on industry dynamics as US guidelines allow for the interchangeability of biosimilars with the original biologic. In addition to this, as the US presently takes up more than 50% of biologic usage, big numbers of biosimilar market sanctions here is predicted to generate strong opportunities over the next five years.
Biosimilars or follow-on biologics are less costly copies of biologics. But they are unlike generics as they are not the exact copies. Novartis has launched Zarxio in September 2015 which is the first ever biosimilar to be launched in the US market and is selling it at a 15% discount to its biologic player Neupogen. In the US, only two biosimilars have been approved by the FDA so far. However, there are 20 products in biosimilars market that are currently available in various European markets.
In the Asia Pacific region, official decree to guarantee rigorous regulatory and testing standards for biosimilars started in 2008–09, with Australia, South Korea, Malaysia, and Japan among the first countries in the region to implement these strict approval requirements. Recently, India and China have finalized their own national guidelines. Asia Pacific now has more biosimilar market products in than anywhere else in the world, which creates innumerable opportunities for investors and patients to take part in biosimilar clinical trials. The biosimilars market is expected to grow considerably in China, reaching approximately USD 350 million in 2019, up from USD 44 million in 2009.
The biosimilars market research reports available with RnRMarketResearch.com at http://www.rnrmarketresearch.com/reports/life-sciences/pharmaceuticals/biosimilar offer in-depth insights into the biosimilar space. To provide an accurate market forecast and market evaluation, the reports thoroughly scrutinize various volatile factors like: the major market drivers, restraints, opportunities, and the rapidly changing market trends. Other than biosimilars, RnRMarketResearch.com also offers detailed market intelligence studies on pharmaceuticals industry at http://www.rnrmarketresearch.com/reports/life-sciences/pharmaceuticals .