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Biosimilars Market to Exhibit Skyrocketing Expansion During 2021-2027

A biosimilar may be a biologic medical product that’s almost like another already approved biological medicine, in terms of quality, safety, and efficacy. Biosimilars are a category of therapeutic drugs that provide additional treatment options and help reduce healthcare costs. Thus, there’s an increasing demand for biosimilar drugs thanks to increasing prevalence of autoimmune diseases, key factor driving the expansion of the biosimilars market. consistent with the National somatic cell Foundation (NSCF), around 4% of the world’s population is suffering from one among quite 80 different autoimmune diseases, the foremost common of which include MS , type 1 diabetes, scleroderma, regional enteritis , lupus, psoriasis and. atrophic arthritis .

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Autoimmune diseases are a family of quite 80 chronic, often debilitating and, in some cases, life-threatening illnesses. Moreover, growth of the biosimilars market is being driven by the increasing research and development and speedy approvals of biosimilars, especially within the North America. as an example , in 2019, the us Food and Drug Administration (FDA) approved Amgen’s AVSOLA (infliximab-axxq), for all approved indications of the reference product, Remicade (infliximab), for the treatment of atrophic arthritis , colitis , Marie-Strumpell disease , atrophic arthritis , regional enteritis , and chronic severe plaque psoriasis. However, stringent regulations and manufacturing complications are major factors expected to restrain the biosimilars market growth.

Furthermore, the biosimilar market, in Europe, is witnessing robust growth thanks to the growing adoption of biosimilars due low price and rapid entry of biosimilars within the region. as an example , in 2018, European Commission (EC) approved Sandoz’s Zessly, a biosimilar to be used in Europe, confirming that Zessly matches safety, efficacy, and quality of reference medicine. Zessly is approved for the treatment of adult and pediatric regional enteritis , adult and pediatric colitis , rheumatoid arthritis, rheumatoid arthritis , Marie-Strumpell disease , and plaque psoriasis. However, the adoption rate varies from country to country, always related to regulatory and market access issues. This successively is additionally expected to hamper the biosimilars market growth.

Growth of the biosimilars market also can be attributed to rich pipeline of biosimilar products and expiry/termination of existing drugs. As of June 2020, FDA has approved 27 biosimilars, plus four follow-on biologicals. The pipeline for biosimilars continues to grow, however, of the 27 approved biosimilars, only 17 are launched thus far . Biosimilars on the average can cost 30% but reference biologicals. Thus, pharmaceutical and biotechnology companies are that specialize in developing safe and effective biosimilars, because alittle variations within the manufacturing process can potentially alter the medicine’s safety and efficacy.

Competitive Landscape

Key players operating in the global biosimilars market include, Novartis AG, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Celltrion Healthcare Co., Ltd., Biocon Limited, Amgen, Inc., Dr. Reddy’s Laboratories, and Sanofi S.A.

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