A global total of 245 companies are chasing an emerging market for more affordable copies of costly biotech drugs, with more than 700 biosimilars now in development or already approved, according to a major study from Thomson Reuters.
The new report, Biosimilars: A Global Perspective of a New Market – Opportunities, Threats and Critical Strategies 2014, forecasts that the total market for biological medicines could exceed $25 billion by 2020. This opens the door for cheaper, biiosimilar versions - a new market segment that is expected to account for approximately one quarter of the $100 billion worth of sales stemming from off-patent biologics by 2020.
According to the report, South Korea stand outs as a pioneer the biosimilar drug development race, with India's large pharmaceutical sector also anticipating a thriving market for such products.
Furthermore, slow market uptake of biosimilars in the EU may not hold true for the U.S. Unlike most of the EU, the U.S. will allow interchangeability, which is expected to speed adoption and lead to lower prices.
The report further discusses opportunities, threats, and strategies in the fast-moving segment of pharmaceutical drug development and provides a comprehensive resource for the industry on the evolving market.