According to Future Market Insights’ most recent research, the Interchangeable Biosimilars Market will grow by 6% between 2021 and 2031. Biosimilars are products that are extremely similar to the reference product. This means that there are no clinical differences in any way between the biosimilar product and the reference product (e.g. efficiency, safety and purity).
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An interchangeable biosimilar is a biosimilar product that has been approved by the FDA and can be administered by pharmacists without a physician’s prescription. The interchangeable biosimilars market is primarily driven by new product launches, increased research and development, and regulatory approvals.
What is the Driving Demand for Interchangeable Biosimilars?
Biosimilars can take the place of reference biologics. This market is expected to grow due to increased research and development, cost-effectiveness, and regulatory approval.
According to the FDA, 31 biosimilars are currently approved and on the market. Biosimilars are typically less expensive than the original product and are thus expected to provide significant savings without compromising the course of treatment.
The low cost of biosimilars is a driving force in the market. There has been an increase in demand for these products because they are less expensive and can be used instead of the reference product. Amgen, for example, increased biosimilar revenue by 56% during the second quarter of 2021. Companies are investing in interchangeable biosimilar research and development, as well as their approval. For example, in July 2021, the FDA approved Semglee, a Biocon-produced interchangeable biosimilar.
Impact of COVID on Interchangeable Biosimilars Market
The COVID-19 has had an impact on the market for interchangeable biosimilars. Because of the pandemic, the majority of research and development was focused on COVID. This shift had an impact on biosimilars research. However, as out-of-pocket spending increased and biosimilars became more affordable, demand for the market increased. As a result, COVID-19 had both positive and negative effects on the market for interchangeable biosimilars.
Regional Demand Outlook for Interchangeable Biosimilars
The North American region dominates the interchangeable biosimilars market. This is due to the market player’s presence and the availability of interchangeable biosimilars. Furthermore, the expiration of leading drug patents is expected to boost market demand. Aside from that, there has been an increase in government initiatives and funding for healthcare infrastructure improvement. The interchangeable biosimilars market is dominated by North America, Europe, and Asia. This is due to the approval of more biosimilars for use in Europe, as well as patient acceptance of biosimilar use.
Who are the Key Manufacturers and Suppliers of Interchangeable Biosimilars?
The manufacturers and suppliers of interchangeable biosimilars are Biocon and Mylan.
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