Ottawa, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global biosimilars market revenue is projected to reach around USD 76,920.96 million by 2029, a study published by Towards Healthcare a sister firm of Precedence Research.
91% of the 6.4 billion prescriptions written for patients in the United States in 2021 were for generic or biosimilar medications. Biosimilars accounted for $7 billion in savings in 2021
Biosimilars are biological products that are highly similar to and have no clinically meaningful differences from, an existing FDA-approved reference product. They are also referred to as follow-on biologics, subsequent-entry biologics, or biogenerics. Biosimilars are not identical to their reference products, as they are derived from living cells that may have slight differences in their manufacturing processes. However, they have demonstrated similar efficacy, safety, and quality as their reference products in rigorous clinical trials.
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Around 39 biosimilars are approved and 22 biosimilars are marketed, reported as of September 2022.
Biosimilars offer significant cost savings compared to their reference products, making them an attractive option for patients, healthcare providers, and payers. The biosimilar market has been growing rapidly in recent years, driven by patent expirations of several biologic drugs and increasing demand for affordable biologic treatments.
The development and approval of biosimilars involve complex regulatory processes, as they are subject to more rigorous requirements compared to traditional generic drugs. Biosimilar manufacturers must demonstrate a high degree of similarity to their reference products in terms of quality, safety, and efficacy through extensive clinical studies. This involves conducting head-to-head comparisons of the biosimilar and the reference product in clinical trials to demonstrate their similarity.
Additionally, chronic diseases like rheumatoid arthritis, anemia, leukopenia, inflammatory bowel disease, psoriasis, and different types of cancer are treated with biosimilars. Moreover, these medications should cost 10 to 40% less than their reference products. More patients will have access to these medications as a result, which encourages adherence and enhances health outcomes for those patients who most need them. Biosimilars may cause patients to switch to more affordable treatments. They might also increase competition in the market for biologics, forcing businesses to change their prices in order to draw in and keep customers. In fact, it has been calculated that in their first ten years on the market, FDA-approved biosimilars could save consumers and the healthcare system up to $250 billion.
The use of biosimilars in cancer treatment has the potential to increase access to life-saving treatments for patients, particularly in low- and middle-income countries where cost is a major barrier to treatment. Biosimilars can also help reduce the financial burden on healthcare systems, allowing more patients to receive the treatment they need. Biosimilars have become an important part of cancer treatment as they offer more affordable and accessible options for these critical therapies.
However, there are also concerns about the safety and efficacy of biosimilars, as they are not exact copies of the original biologic drug. While regulatory agencies require biosimilars to undergo extensive testing and clinical trials before approval, some experts argue that more research is needed to fully understand the long-term safety and efficacy of biosimilars. Biosimilars have the potential to play a significant role in addressing the growing burden of cancer worldwide, by improving access to affordable and effective treatments. However, ongoing research and monitoring will be necessary to ensure that biosimilars are safe and effective for patients.
Biosimilars also offer significant cost savings for healthcare systems and insurers, which has led to greater investment in their development and increased collaboration between biosimilar manufacturers and healthcare providers. As more biosimilars become available, patients will have greater access to affordable and effective treatments, improving their quality of life and overall health outcomes.
In-house Manufacturing Strategies Positioning Companies to Dominate the Biosimilar Market
In-house manufacturing strategies have become increasingly popular among biosimilar companies as a means to gain a competitive edge in the market. By bringing manufacturing capabilities in-house, companies can improve their control over the production process, reduce costs, and accelerate the time to market their products. One of the prominent advantages of in-house manufacturing is the ability to optimize the manufacturing process and ensure quality control. This can be particularly important for biosimilar companies, where the ability to produce high-quality products is essential for gaining market acceptance. By bringing manufacturing in-house, companies can better manage the entire manufacturing process, from raw materials sourcing to final product testing, and ensure that their products meet or exceed regulatory requirements.
In addition to quality control, in-house manufacturing can also lead to cost savings. By eliminating the need to outsource production to third-party manufacturers, companies can reduce costs associated with transportation, warehousing, and other logistical expenses. Moreover, in-house manufacturing can lead to greater efficiency in the manufacturing process, reducing waste and increasing yields.
Another advantage of in-house manufacturing is the ability to accelerate the time to market for biosimilar products. By having control over the manufacturing process, companies can streamline the process and reduce the time required to manufacture and test their products. This can be particularly important in the rapidly evolving biosimilar market, where speed to market can be a critical factor in gaining a competitive advantage.
Thus, in-house manufacturing strategies can position biosimilar companies to dominate the market by enabling them to produce high-quality products, reduce costs, and accelerate the time to market for their products.
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The Economics of Biosimilar Drugs: A Driving Force for Growth
They have been a driving force for growth in the pharmaceutical industry in recent years, as they offer a cost-effective alternative to the reference product. Biosimilars are approved based on their similarity to the reference product, rather than through clinical trials, which reduces the cost of development and speeds up the approval process.
One of the significant benefits of biosimilar drugs is their potential to reduce healthcare costs. Biosimilars are typically priced lower than their reference products, as the cost of development is lower due to the use of an already approved drug as a reference. This lower pricing allows for increased access to life-saving treatments and improved healthcare outcomes, particularly in developing countries. The biosimilar market has been growing rapidly, with many companies investing in the development and commercialization of biosimilar drugs.
A biosimilar's cost-effectiveness is determined by its relative effectiveness because it is anticipated to be less expensive than the biological comparator. The American Journal of Managed Care reports that the cost of biosimilars is roughly 30% less than that of their parent or branded counterparts. Biosimilars offer patients access to highly effective therapies while also saving money. In comparison to innovator biologics, the cost of developing biosimilars is cheaper. The price of a biosimilar will be lower since R&D expenses will be lower. Due to manufacturer pricing rivalry, less expensive biosimilars frequently cause reference biologics to cost less.
In the upcoming years, demand for biosimilar medications is anticipated to rise due to its notable cost-to-benefit ratio. Less than 10% of the average sales price was typically offered as a launch discount for the majority of biosimilars in the US, followed by an average annual price drop of 10% to 15%. When more biosimilars hit the market, including those that treat chronic conditions in which there are more than five competitive medicines, businesses need to think about how this approach might alter. For example, the introduction of up to 8 adalimumab biosimilars in the United States in 2023 may bring about certain market dynamics. Companies producing biosimilars should think about the best distribution method and strategy for each medication in each market.
Exploring the Factors Driving the Surge in Cancer Patients
The global biosimilars market has been experiencing significant growth in recent years, driven in part by a surge in the number of cancer patients worldwide. As more people are diagnosed with cancer, there is a greater demand for treatments, including biologic drugs such as monoclonal antibodies and growth factors. However, these treatments can be expensive, and many patients may not have access to them due to cost barriers.
Biosimilars have become an important part of cancer treatment in recent years, offering patients more affordable and accessible options for critical therapies. Many biologic drugs used in cancer treatment, such as monoclonal antibodies and growth factors, are expensive and can be difficult for patients to access due to high costs. Biosimilars offer a more cost-effective alternative that can increase patient access to life-saving treatments.
One example of a biosimilar used in cancer treatment is trastuzumab, which is used to treat HER2-positive breast cancer. The biosimilar version of trastuzumab has been shown to be just as effective as the original drug in clinical trials, while also being more affordable for patients. Biosimilars of other cancer treatments, such as bevacizumab and rituximab, have also been developed and are being used in many countries around the world.
In addition, biosimilars have the potential to provide significant cost savings for healthcare systems and insurers, who are under pressure to reduce spending on expensive biologic treatments. This has led to greater interest and investment in biosimilar development, as well as increased collaboration between biosimilar manufacturers and healthcare providers to improve patient access and uptake.
The surge in cancer patients, combined with the cost savings and other benefits offered by biosimilars, is driving the growth of the biosimilars market. As more biosimilars become available, patients will have greater access to affordable and effective treatments, improving their quality of life and overall health outcomes.
Biosimilars Manufacturing: Overcoming Obstacles for Success
The development and manufacturing of biosimilars can be a significant challenge for companies in the biopharmaceutical industry due to its high complexity and associated costs. Compared to traditional small-molecule drugs, biosimilars are larger and more complex molecules, which require extensive research and development efforts to demonstrate similarity to the reference biological drug.
The manufacturing of biosimilars is complex and presents significant challenges compared to traditional small-molecule drugs. One of the main difficulties in biosimilar manufacturing is ensuring that the final product is highly similar to the reference biologic drug, both in terms of its physical structure and biological activity. This requires a highly controlled manufacturing process that must be carefully designed and optimized to ensure that the product consistently meets the required quality and safety standards.
Another challenge in biosimilar manufacturing is the variability in raw materials, which are derived from living cells and can be highly sensitive to changes in manufacturing conditions. This can lead to variations in the final product, which can affect its safety and efficacy. To mitigate this, manufacturers need to implement rigorous quality control measures throughout the manufacturing process to ensure that the final product meets the necessary specifications.
The manufacturing process for biosimilars involves the use of living cells and specialized equipment, which can be expensive to acquire and maintain. The production process also requires stringent quality control measures to ensure the consistency and safety of the final product. This necessitates the need for significant investments in equipment, infrastructure, and expertise.
In addition to the complexity and cost of development and manufacturing, regulatory requirements can also act as a restraint in the biosimilar market. The regulatory pathway for biosimilars is different from that of traditional small-molecule drugs and requires extensive clinical testing to demonstrate safety and efficacy. This can result in a longer time to market and increased development costs.
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From Blockbusters to Biosimilars: Patent Expiry and the Search for New Indications
Patent expirations of biologic drugs have opened up opportunities for biosimilar manufacturers to enter the market and offer lower-cost alternatives to patients. This has led to increased competition and price pressure, driving the growth of the biosimilar market. In addition, the search for new indications for existing biologic drugs has also created opportunities for biosimilar manufacturers. As more indications are discovered and approved for biologic drugs, there is a growing demand for biosimilars to provide more affordable options for these treatments.
Furthermore, the increasing adoption of biosimilars by healthcare providers and patients is another opportunity for the biosimilar market. As more data becomes available on the safety and efficacy of biosimilars, and as healthcare systems seek to reduce costs, the use of biosimilars is expected to increase.
The development of biosimilars for complex biologic drugs, such as monoclonal antibodies, also presents an opportunity for biosimilar manufacturers. While the development and manufacturing of biosimilars for these drugs can be challenging, the potential market size and cost savings make it an attractive opportunity for manufacturers who can successfully navigate the regulatory and technical hurdles. In recent years, there have been more biologics for which patents have expired. As a result, the focus has shifted to the creation of biosimilars. Because there are so many biosimilars in various stages of development, the market for biologics is probably going to slow down soon.
The increasing demand for biosimilars in emerging markets, such as Asia and Latin America, presents a significant growth opportunity for biosimilar manufacturers. As these markets continue to grow and develop, the demand for affordable biologic drugs is expected to increase, creating a larger market for biosimilars.
The Emergence of Biosimilar Start-up Ecosystem
The biosimilar market has seen a surge in start-up companies in recent years, creating a thriving ecosystem of innovative companies focused on developing biosimilar drugs. These start-ups are often smaller, nimbler, and more focused than traditional pharmaceutical companies, allowing them to move quickly and take on higher levels of risk. One of the main advantages of biosimilar start-ups is their ability to focus on niche markets and specific therapeutic areas, rather than attempting to compete directly with established biopharmaceutical companies. This allows them to develop biosimilars for conditions that are not well-served by existing treatments, as well as for diseases that are prevalent in developing countries but may not be a priority for larger pharmaceutical companies.
Another advantage of biosimilar start-ups is their ability to leverage new technologies and manufacturing processes, often at a lower cost than traditional biopharmaceutical companies. This allows them to develop biosimilars more quickly and at a lower cost, potentially improving patient access and affordability.
However, biosimilar start-ups also face significant challenges, including the high cost of research and development, the complex regulatory landscape, and the need for extensive manufacturing capabilities. Despite these challenges, the emergence of the biosimilar start-up ecosystem has brought increased innovation and competition to the biosimilar market, ultimately benefiting patients by providing more affordable and accessible treatments.
Despite these challenges, biosimilar start-ups are expected to play an important role in the development and commercialization of biosimilars in the coming years, as the demand for these treatments continues to grow and more patents on reference biologics expire. With their focus on innovation, cost-effectiveness, and patient access, biosimilar start-ups have the potential to transform the biopharmaceutical industry and improve healthcare outcomes for patients around the world.
Market Key Players:
- Pfizer
- Sandoz (a division of Novartis)
- Teva Pharmaceuticals
- Amgen
- Biocon
- Celltrion
- Samsung Bioepis
Market Segmentation:
By Product
- Monoclonal Antibodies
- Infliximab
- Retuximab
- Adalimumab
- Trastuzumab
- Glucagon
- Insulin
- Erythropoietin
- Interferon
- Glucagon
- Follitropin
- Alpha
- Beta
- Calcitonin
- Others
By Application
- Oncology
- Lung Cancer
- Brain Cancer
- Breast Cancer
- Cervical Cancer
- Colorectal Cancer
- Leukemia or Blood Cancer
- Non-Hodgkin Lymphoma (NHL)
- Chronic Lymphocytic Leukemia (CLL)
- Others
- Others
- Growth Hormonal Deficiency
- Blood Disorders
- Chronic & Autoimmune Disorders
- Infectious Disease
- Autoimmune disease
- Arthritis
- Rheumatoid arthritis
- Psoriatic arthritis
- Juvenile arthritis
- Ankylosing Spondylitis
- Others
- Inflammatory Bowel Disease (ibd)
- Ulcerative Colitis
- Crohn's Disease
- Others
- Psoriasis
- Others
- Arthritis
- Hematology
- Neutropenia
- Anemia
- Others
- Others
By Manufacturer
- Contract Research and Manufacturing Services
- In-house
By Technology
- Recombinant DNA Technology (rDNA technology)
- Monoclonal Antibodies (MAb) Technology
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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