Biosimilars, also called as follow-on biologics, are the approved biological products that are very similar to another biological drug manufactured by another company. They are cost-effective and help in prevention and treatment of different diseases like cancer, diabetes, autoimmune diseases, and infectious diseases, among others. The global biosimilars market is expected to witness stellar growth over the coming years since it has the ability to provide good-quality products at lower costs, thereby reaching the patient population that cannot afford high-cost treatments.Scenario of the global biosimilars market:
The Biosimilars market is expected to reach USD 23.63 billion by 2023 from USD 5.95 billion in 2017, at a CAGR of 31.7%. Factors driving the growth of this market include rising incidence of chronic diseases and increasing demand for biosimilar drugs due to their cost-effectiveness.
Key players and followed strategy of the market:
The biosimilars market is fragmented in nature due to the presence of a few large players such as Sandoz (Germany), Teva Pharmaceutical (Israel), and Pfizer (US).
The key strategies followed by most companies in the biosimilars market were product approvals & launches, partnerships, collaborations, and acquisitions. The strategy of product approvals accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
Sandoz (Germany) was the global leader in the biosimilars market in 2016. Sandoz has a strong portfolio of affordable and high-quality generic medicines and provides differentiated products & standard generics to its customers. The company focuses on inorganic growth strategies such as collaborations to enhance its market share. For instance, in 2018, Sandoz entered into collaboration with Biocon to develop, manufacture, and commercialize multiple biosimilars in immunology and oncology. The company also focused on product approvals, for example, in 2017, the European Commission (EC) approved Erelzi (biosimilar etanercept) for use in the region.
Pfizer (US) held the second position in the biosimilars market in 2016. The company operates through three business segments, namely, Global Innovative Pharmaceutical (GIP), Global Vaccines, Oncology, and Consumer Healthcare (VOC), and Global Established Pharmaceutical (GEP). The company adopted organic and inorganic growth strategies such as approval, product launches, and acquisitions to boost its market share. For instance, in 2016, the company launched the infliximab biosimilar in the US. Furthermore, in 2015, the company launched the infliximab biosimilar in Europe.
Teva Pharmaceutical (Israel) held the third position in the biosimilars market in 2016. The company is engaged in the development and marketing of generic medicines, specialty pharmaceuticals, and over-the-counter drugs. It provides therapeutic drugs for the central nervous system, respiratory indications, oncology, and women’s health. The company adopts organic growth strategies such as product launches to boost its market share. For instance, in December 2016, Teva Pharmaceutical launched follitropin in the UK.
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