Biosimilars: Future of IndiaFriday December 15th, 2017 Seema Surendran, Project Lead
Is there a future for biosimilars in India? A big, emphatic YES.
The pharma industries are seriously focusing on the market of biosimilars and foresees a tremendous potential for great profit in the future, especially in India where there is a striving opportunity for investors.
Indian pharma market is aiming to reach around $40 billion within the next decade with a hope to reach 20% share in the global drug market. To achieve this, Indian companies are creating manufacturing base abroad, though there are some predicted challenges such as R&D cost, clinical trial competences, stringent regulatory policies, etc.
As patents of many biologics are soon expiring in the next couple of years, the manufacturers are seeing great prospects around biosimilar products. Around $240 billion biosimilar market opportunity is now open for Indian pharma industry. Hums great, isn’t it?
As a pioneer, Dr. Reddy’s Laboratories Ltd. is the first Indian firm to introduce world’s first biosimilar antibody, Reditux in the year 2007. Other companies such as Biocon, Reliance Lifesciences, Intas Pharmaceuticals, Zydus, Cipla, Lupin Pharmaceuticals, Torrent Pharma, Hetero Pharma, Aurobindo, Alkem Laboratories, Emcure, IPCA labs, Wockhardt and many more are engaged in promising biosimilar market access.
In India, there are around 70 approved biosimilar products, already. Certain biosimilars launched by Indian companies are attractive! According to statistics, India shares 75% of biosimilar market, in which 30 biosimilar products are marketed out of 40 biological products.
The biosimilar products are targeted over number of dreadful diseases including cancer, hematological disorders, autoimmune diseases, infectious diseases, etc. Even Government of India supports promotion of cheaper biosimilar drugs with some reasonable policies to make India’s pharma globally viable. There are around 100 private biopharmaceutical companies engaged in R&D, manufacturing and marketing of biosimilar products in India. Thus, Indian market is expected to grow at the highest rate.
The future holds a surprise key to this successful formula for India…!!