Big Pharma Brands Updated Their Biosimilar Paths to Become Pioneers

There has been a tremendous amount of innovation in medicine, particularly in the United States. Patients are placing a lot of trust in the capabilities of biologics and biosimilars to treat illnesses say research analysts at Allied Market Research. Industry experts eyeing the opportunities, share, and size of the biosimilars market explain that these biosimilars will bring hope even for diseases that could not be treated earlier. The biosimilars were introduced in 2005 and are believed to be the first ones in the EU. The European Medicine Agency was in fact the first to establish the stringent guidelines.

Watch the video to understand the biosimilars and the road ahead 
https://www.youtube.com/watch?v=iBvd2TQUBso

Biosimilars market create an opportunity in healthcare

Since 2005, the biosimilars market has generated more than 4 million participants for clinical trials. Both healthcare professionals and patients with chronic illness can be confident that biosimilar medicines are now of high quality, safe, and more efficacious than ever. The biosimilars market is projected to generate a revenue of $26.5 billion during by 2020 growing at a CAGR of 49.1% from 2015 to 2020. Since their introduction in the European Union, the biosimilar medicines have increased patient access by almost 43.5%.

Get access to detailed information visit on: https://www.alliedmarketresearch.com/global-biosimilars-market

The progress and fast momentum in the United States has caught the attention of major drug makers worldwide. As the regulatory pathways are becoming highly organized and facilitating their launch in the country, prominent companies are investing generously in their pipeline projects. Some of the big names in the biotechnology and pharmaceutical segment have recognized the potential of the biosimilars market and are concentrating on major therapeutic categories where biologics are believed to be the standard of care and many biologic patents have already expired.

So what’s trending @ #biosimilars

 

How are state laws affecting the biosimilars market?

Albeit it is early to understand the influence of the regulations limiting the biosimilar substitution. A recent study indicates that limiting the substitution of generics will decrease the uptake and lead to the increase of drug prices. Another research unveiled that need for patient consent can lower the rates of the conventional generics substitution by almost 25%. A survey found that the Medicaid programs of the states can save more that $100 million only if the consent requirements are eliminated for some popular drugs. 

Besides, it was seen that the submissions of dispenses as written requests are linked with higher costs along with unfilled prescription costs. The authors identified that elimination of dispense as written prospects when generics are available can save the health care system in the United States over $7.6 billion each year. 

FDA approvals are now faster than ever 

The Food and Drug Association (FDA) made several heads turn when it gave thumbs up to a biosimilar earlier this month. The approval for Humira—a biosimilar version of AbbVie - became one of the biggest blockbusters of the era. The biopharma firm has entered into a marketing collaboration for adalimumab as well as eight other biosimilars with companies like Daiichii based in Japan. In another incident a committee at the Food and Drug Association has given a nod to a biosimilar application by Sandoz. In April 2016 the association approved Inflectra, which is a biosimilar to Remicade. Janet Woodcock, the Managing Director of FDA explained “Biosimilars can provide access to important treatment options for patients who need them,” She added “Patients and the health care community can be confident that biosimilar products are high quality and meet the agency’s rigorous scientific standards.”

Big Pharma brands ready to pioneer biosimilars market by 2020 

Sandoz, a generic unit of Novartis is playing an eminent role in research and development. The initiatives taken by the pharma company is a part of its approach to revive the revenue loss over the past years. Novartis faced a huge loss as the patents of its blockbuster drugs expired. However, by the end of this year the company plans to submit approximately 11 molecule of approval. On the other hand, several pharmaceutical companies have plans to secure a nod from Food and Drug Association the names include Amgen, Pfizer, and AbbVie. 

Statistics unveil hat the biosimilars are projected to garner revenue between $25 and 35 million by 2020. Sandoz generated about $772 million in 2015. The total annual revenue of the company was about $9.2 billion. The executives at Johnson & Johnson ($JNJ) became empathetic that their biosimilar would not be launched this year. However, in the second quarter itself the earnings of the company gave a wiggle on that prediction. 

Small companies take a road to a grand launch 
Small companies are busy developing low-cost copies of highly expensive biotechnology medicines. Ebrel took a great plunge in the US market and surprised many when it revealed its intentions about leading this fast growing market. 

Many Indian companies are also seen participating actively to solve the puzzle associated with biosimilars. The U.S President is determined to set the exclusivity period for the biologic medicines at 7 years. If this occurs, many Indian firms would be expected to grab the opportunity. Pharma companies such as Zydus Cadilla, Intas, and Biocon are some of the most prominent players, active in the Indian biosimilars market. Dr. Reddy’s Laboratories Ltd., become the first firm in India to rollout a biosimilar and now enjoys a fair market share since the introduction of Reditux in 2007. 

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