India, October 6, 2016: “Biosimilars presents a $240 Billion global opportunity for Indian Pharmaceuticals Industry while domestic market is expected to cross $40 Billion by 2030 ” says ASSOCHAM-SATHGURU Report released by Prof. D. Swaminadhan, President & Director General, Jawaharlal Nehru Institute of Advanced Studies (JNIAS) at ASSOCHAM-Department of Pharmaceuticals Conference on BioPharma at Hyderabad
Indian Biosimilars industry is close to $ 300 Million in 2015. Domestic sales are close to $ 250 Million growing at CAGR of 14% 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 & will command ~20% share in global market says ASSOCHAM-SATHGURU Report released during ASSOCHAM and Department of Pharmaceuticals, Government of India Conference on “BioPharma: Biosimilars and Biogenerics; Emerging Investment Destination” at Hyderabad.
The Conference was addressed by Prof. D. Swaminadhan, President & Director General, Jawaharlal Nehru Institute of Advanced Studies (JNIAS), Dr. Rakesh K. Mishra, Director, CSIR-Centre for Cellular and Molecular Biology, Shri M Srinivas Shankara Prasad, Senior Advisor - APEDB, Government of Andhra Pradesh, Dr. G V M Sharma, Chief Scientist, CSIR – Indian Institute of Chemical Technology, Dr. Pushpa Vijayaraghavan, Director, Sathguru Management Consultants, and Shri Sandeep Kochhar, Head-ASSOCHAM Healthcare & Pharma Division among several other key dignitaries.
Dr. Pushpa Vijayaraghavan, Director, Sathguru Management Consultants in her theme address highlighted the key findings of ASSOCHAM-SATHGURU Report on Biosimilars and said that the Biosimilars opportunity is nascent today and the 2016 estimated market size was only $2.2 bn. However, the recent USFDA approvals and market penetration stories emerging from Europe herald in the next phase of growth in biosimilars. 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 Bn by 2030 in the optimistic scenario and the Indian domestic market could be about $ 40 Bn.
Driving market expansion also calls for a collaborative effort from industry players as compared to the current strategy of going solo to market. Indian industry itself provides great examples such in the case the DPP4 inhibitors for type 2 diabetes where marketing collaborations have been beneficially deployed to accelerate growth and product penetration. The Indian market for Biosimilars is intensely competitive and will continue to be so. While the number of Indian companies that finally establish a foothold in developed markets will only be few, he said that the Indian market itself will continue to have many players. He also said that India needs to look at human resources in the Biotech/BioPharma field, as a priority and needs to put in order and strengthen India’s biotech/BioPharma regulatory agencies, systems and mechanisms.