Biosimilar Market has been growing as expected. Here is summary of the prospect and the market challenge as of 2022.
- The analysis projected the value of the global biosimilar market could more than triple to an estimated $74 billion by 2030.
- The top 5 provider in the world is currently, Pfizer, Novartis, Amgen, Biogen and Samsung Bioepis. Teva and Sandoz, which will spin off from Novartis, can be the leading ones as well.
- In Europe, biosimilars have taken the majority of market share from brand-name biologics. This means that they save between 75% to 90% off the reference product prices.
- In US, Patent-focused court battles have stymied some launches of biosimilars. Aggressive pricing strategies from branded drug companies are also obstacle for biosimilar market.Note:
Reference_ Generic drugmakers Teva and Sandoz make major push to biosimilars by Reuters
Note:
Some people misunderstand though, Generic and Biosimilar are different. A biologic medicine is derived from living organisms and is manufactured through highly involved and stringently controlled biotechnology processes. As biologic medicines, biosimilars are inherently different from generics due to their molecular size and structure, also the complexity and cost of their development. Biosimilars also have significantly higher research and development costs and risks and are more complex to manufacture than small-molecule generics.
Biosimilars have the potential to provide additional treatment options at lower cost, but development requires significant investment. Biosimilar development may take five to nine years and cost more than $100 million, not including regulatory fees. A generic, however, costs $1-2 million and takes approximately two years to develop.
Reference_ Biosimilars vs. Generics: What’s the Difference? By Pfizer
Comment