Biosimilars market sees rapid growth

Biosimilars or generic pharmaceuticals have recently enjoyed rapid market growth, according to a recent report issued by Market Research Future.

Rapid growth in generic pharma market
Generics are now recognized as one of the most important areas of the healthcare industry. In countries such as the UK where cash for health providers is always in short supply, the option to treat patients with a more affordable option is always welcome, and generics are rapidly becoming adopted by many NHS trusts and GPs. In some third world countries where diseases such as TB, malaria, and cholera are endemic, biosimilar vaccines are the only affordable treatment option open to health providers and the option to use them has already saved many thousands of lives.

In the past, physician skepticism and overlong approval time for generics had hampered the growth of the market, but financial pressures and increased patient confidence has boosted growth. By the close of 2016, the global generics market was worth $169.7bn with a CAGR of 26% predicted during 2017 to 2023.

Europe’s generics market leads the world
Regionally, Europe has the leading global generics market and has driven the increase of biosimilar sales around the world. North America has the second largest market, followed by Asia, where less complex regulations and high availability of skilled labour are a major driving force behind market development. In fact, the number of patents applied for by generics companies has increased by 25% since 1995.

The study behind the report was conducted using a combination of information and data obtained from key participants in the generics and pharmaceutical industry. The report also contains a SWOT analysis of key vendors and a comprehensive vendor and market landscape overview. Such is the growing popularity of generics, that for many generics manufacturers, their main challenge has simply been working out how to make enough of their product to meet demand.

Future challenges
The growth of popularity of generics has brought with it many new challenges for manufacturers. In addition to putting in place a suitable infrastructure to enable the manufacture of sufficient volume to meet demand, the industry will have to address the dilemma of how to remain competitive.

Issues such as affordability, quality, and delivery performance must all be tackled and there is the danger that such rapid growth could catch generics companies unaware.

 

CONTENT SPONSORED BY

WSGR_HORIZ_CMYK2

In today’s fast-growing, highly regulated generic pharmaceutical market, companies increasingly require specialized legal guidance as their products are developed, launched, and litigated. Wilson Sonsini Goodrich & Rosati’s attorneys address this need by providing expert counsel to companies in the global generics industry, offering sophisticated representation far beyond the scope of general corporate and securities counsel.

We have assembled a highly experienced team of experts from a cross-section of the firm’s key practice areas, including intellectual property, litigation, antitrust, FDA/regulatory, technology transactions, exports and FCPA, trade secret, and trademark and copyrights. Led by the former chief legal officer of Mylan Pharmaceuticals, one of the world’s leading generic and specialty pharmaceutical companies, our attorneys work closely with our generic pharmaceutical clients’ legal and scientific personnel and senior management to understand and meet their specific needs both in the U.S. and abroad.