Biosimilars are safe and effective treatment options for many illnesses such as chronic skin and bowel diseases (like psoriasis, irritable bowel syndrome, Crohn’s disease and colitis), arthritis, kidney conditions, and cancer. A biosimilar product is a biologic product that is approved based on demonstrating that it is highly similar to a FDA‐approved biologic product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product.
Key driving factors include the Factors driving the biosimilars market growth are the increasing prevalence of chronic diseases and the cost-effectiveness of biosimilar drugs. However, high-cost involvement and complexities in biosimilar product manufacturing hinder the biosimilar market growth.
The biosimilars market is majorly comprised of top players involving Biocon Ltd, Sanofi-Aventis, Celltrion Inc., Amgen Inc., Pfizer Inc., Samsung Bioepis, Sanofi SA, Coherus BioSciences Inc, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Co, Sandoz AG, and Teva Pharmaceutical Industries Ltd. among others.
The companies listed above are implementing various strategies such as product launches, acquisitions, mergers, and partnerships, which have resulted in the company’s growth and, in turn, have brought about various changes in the worldwide market. Additionally, the companies have adopted several inorganic and organic strategies for accelerating their growth and improving their market position.