Government Support Encouraging the Growth of Biosimilars

Governments worldwide are realizing the potential of biosimilars and are promoting their use in full swing, an indication that the industry will witness further growth’, says RNCOS.


Noida, UP -- (SBWIRE) -- 07/14/2014 -- The governments world over are realizing the cost cutting benefits of biosimilars, which when introduced at a discounted price, entice competition and reduce the overall cost of the therapy. For Example, to further increase prescriber’s confidence and encourage the use of biosimilars, the EMA has planned to introduce risk management plans. In another country America, currently devoid of a specific regulatory pathway, all is set to change in 2014 when the country’s new framework for biosimilars, set out by The Patient Protection and Affordable Care Act of March 2010, will come into effect. Coming to the South Korean pharmaceutical industry, a remarkable feature is the government’s initiative and involvement in the entire lifecycle of biosimilars. In addition to setting a target global share of 22% by 2020, the South Korean government has also engaged in creating a robust platform to provide infrastructure and financial assistance.

According to our latest research report, “Global Biosimilar Market Outlook 2018”, although the current biosimilars market is small, the future looks optimistic due to the immense government support for the industry. Our report discusses other such major trends and drivers in detail and the influence they will have on the market. Emerging markets will play the role of a major driver on the biosimilar market. This can be attributed to the local policies and the biosimilar attitude of these regions. The governments in these economies are also the realizing this potential and encouraging the growth of biosimilars by defining clear regulatory pathways for their smooth approval.

In our report, we have segmented the biosimilars market into various categories such as EPO, HGH, IFN, mAb, Insulin and G-CSF. Each market has been analyzed in terms of major approved biosimilars, drug pipeline, and the impact of patent expiries of important biologics. Similarly, major geographies are also discussed. The regulatory scenario of all the economies has been presented.

At the end, major players based in key economies have been profiled. A brief business overview of these players is given alongwith approved biosimilar products and the ones in the pipeline. Overall, the report will help provide a good understanding of the market and the recent trends that are prevailing.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.