Global Oncology Biosimilars Market: Snapshot
The global oncology biosimilars market is predicted to benefit immensely with the rising demand for affordable therapies for cancer. This is because cancer is presently the costliest health affair in terms of both diagnosis and treatment. Pharmaceutical companies worldwide are hard-focused on developing biosimilars and generic medicines to combat cancer at all stages and also for the treatment of the disease.
Oncology biosimilars are similar versions of oncology biologics that are manufactured by different companies and have been officially approved for cancer treatment. Biosimilars are cost-effective molecules with the same efficacy and potency as the original reference biologic. The relatively easy manufacturing of biosimilars and the license to manufacture biosimilars after the expiration of original reference biologic is acting in favor of the global oncology biosimilars market.
On the down side, complex infrastructure needed for the development of biosimilars and lengthy process for the approval of biosimilars is providing headwinds to the market’s growth.
Efforts of Players to Enter into Strategic Alliances Benefit Asia Pacific Market
Geography-wise, North America, Europe, Asia Pacific, and Rest of the World are key segments that divide the global oncology biosimilars market. Asia Pacific held a significant share of the oncology biosimilars market in 2016. This is mainly because of low cost of biosimilars as compared to original reference biologics and availability of cost effective and safe cancer medications via retail stores in this region. In addition, focus of leading players in the region to enter to strategic alliances for expanding outreach is also benefitting the Asia Pacific oncology biosimilars market.
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Leading companies in the global oncology biosimilars market that are profiled in this report are Celltrion Inc., Biocon, Dr. Reddy’s Laboratories Ltd., STADA Arzneimittel AG, Intas Pharmaceuticals Ltd., Pfizer Inc., Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Apotex Inc., and BIOCAD.