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Melbourne, 8th February 2011 – Indian manufacturers are ideally placed to capitalise on the growing biosimilars market, according to independent market analyst Datamonitor.
Although the biosimilars market is in its infancy, Datamonitor research suggests that Indian manufacturers are well positioned to capitalise on the future growth of this market both domestically and internationally.
Alistair Sinclair, healthcare analyst at Datamonitor, comments: “The domestic market for biosimilars in India is limited by low levels of health insurance and therefore poor access to biologic drugs; however given the high level of branded-generic loyalty of the emerging middle class, this could act as a driver of biosimilar uptake.
“Due to the fact that many copycat biologics are already available in India and often approved as new drugs rather than biosimilars, it is difficult to quantify biosimilar sales in the emerging markets. Nevertheless, estimates in India range from as low as $20m and as high as $200m. This could be expected to grow to $580m by 2012.”
Whilst the domestic market shows potential, many Indian biosimilar manufacturers are also looking to expand globally.
Alistair explains: “The developed pharma markets may be difficult to access alone due to the complex and expensive clinical trials and registration process. However, licensing agreements with multinational companies, such as the recent deal between Biocon and Pfizer, can facilitate access to these markets.”
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