Biosimilars Market Trends: An In-Depth Analysis

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.

Below is the list of the growth strategies done by the players operating in the biosimilar market:

Nov -2022: Biocon Biologics a subsidiary of Biocon Ltd. Completed Acquisition of Viatris’ Global Biosimilars Business. The acquisition provides Biocon Biologics with direct commercial capabilities and supporting infrastructure in the advanced markets and several emerging markets, bringing it closer to patients, customers, and payors. With this acquisition Biocon Biologics emerges as a world leading biosimilars player with eight commercialized products.

Jan-2020: Coherus Biosciences entered into a license agreement with Innovent Biologics (Suzhou) Co., Ltd. for the development and commercialization of a biosimilar version of bevacizumab (Avastin) in any dosage form and presentations (“bevacizumab Licensed Product”) in the United States and Canada.

Dec-2020: FDA Approved Amgen's RIABNI A Biosimilar To Rituxan. It is used for the treatment of adult patients with Non-Hodgkin's Lymphoma (NHL), Chronic Lymphocytic Leukemia (CLL), Granulomatosis with Polyangiitis (GPA) (Wegener's Granulomatosis), and Microscopic Polyangiitis (MPA).

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