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.