Biosimilars Biosimilars Trend Unleashes Asias Potential for Global Pharmaceutical Markets
Biosimilars take the lead: Unleashing the enourmous potential of Asia's pharmerging markets, biosimilars could take a multi–billion dollar chunk of the global biopharmaceuticals market by 2020, predicts a new report by GBI Research.
Biosimilars could actually gain market volumes of US $ 9 billion by the end of the decade in the US alone, GBI analysts explain – a statement that is especially surprising since these substances won't enter the American markets till 2014.
Meanwhile, the Indian biosimilars sector could well treble in value in just five years due to the activities of major pharmaceutical companies such as Dr. Reddy’s: By 2016, the total market volume could pass the billion–dollar–threshold, reaching US 1.4 billion (from only US $ 482 today).
How Asia Could Take the Lead in Biosimilars
But how could the country achieve this outstanding growth? GBI Research notes that ‘pharmerging’ countries across Asia have attracted the interest of big biopharmaceutical players, with lenient regulations and tax incentives available during the initial industrial phase.
Already more than 20 biosimilar companies operate in India, with approximately 55 products in the market, while the State Food and Drug Administration (SFDA) in China had approved 40 biopharmaceutical products up until December 2011 – the majority of which were biosimilars.
Korea Joins Biosimilars Boom
Now another Asian market eyes for a slice of the cake: South Korea has also on record as a committed industry advocate, with the Korean government announcing a target of achieving 22% of the global market share for biosimilars by 2015.
Global Biopharmaceutical Market Volume to Reach US $ 320 Billion by 2020
The global biopharmaceutical market was valued at US $ 138 billion in 2011 and is expected to grow to over US $ 320 billion by 2020. Roche dominated the global production of biopharmaceuticals last year, manufacturing 25% of the total. Johnson & Johnson was second with a share of 8.8%, while Boehringer Ingleheim was the third largest manufacturer in the sector, holding an 8.5% share.