Biosimilars presents a $240 billion global opportunity for Indian pharmaceuticals industry, while the domestic market is expected to reach $40 billion by 2030, according to ‘Assocham-Sathguru’ report released today.
The report was released by Prof D Swaminadhan, President and Director General, Jawaharlal Nehru Institute of Advanced Studies (JNIAS) at Assocham-Department of Pharmaceuticals Conference on BioPharma here.
“Indian biosimilars industry was close to $300 million in 2015. Domestic sales are close to $250 million growing at CAGR of 14 per cent, while exports contributed close to $51 million.”
“However, with the introduction of a new regulatory policy in India and increased affordability that biosimilars offer, the domestic market is expected to grow at an accelerated pace and reach the target of $40 billion by 2030 and will command 20 per cent share in global market,” the report said.
The biosimilars opportunity is nascent today and the 2016 estimated market size was only $2.2 billion. However, the recent USFDA approvals and market penetration stories emerging from Europe herald in the next phase of growth in this industry.
“Based on our analysis of the currently approved biologic drugs, clinical pipeline and expectations around price erosion and market penetration, Assocham and Sathguru estimate that global market for biosimilars will be $240 billion by 2030 in the optimistic scenario and the Indian domestic market could be about $40 billion,” it added.