Biosimilars Market Expected to Grow by 20% Until 2028 Supported by R&D and Business Agreements

The biosimilars market has good prospects for the future. Sales of this type of drug could exceed $64 billion by 2028, which will represent an increase of 19.3%. These are the figures detailed in the global biosimilars report prepared by Alira Health.

Growth in the coming years will be determined by several factors. Firstly, increased expenditure on Research and Development (R&D) will be key to the expansion of the biosimilar business. In addition, favourable regulation towards this type of drug in certain key markets will boost the sector.

Finally, the report points to how strategic partnerships between the main players in the industry will be one of the growth drivers for the biosimilars business.

However, what will really change the biosimilar industry will be the expiration of patents on several currently successful biologics that will expire in the next four years.

In the coming years, fifteen biological drugs that are important in terms of industry turnover will lose patent protection

Countries in the European Union and the United States will benefit most from this end to licensing in favour of biosimilars. Patent expirations not only affect whether a biosimilar can be launched, but also how closely the drug’s manufacturing process can mirror that of the original manufacturer.

In this regard, by 2033, fifteen of the main biological products currently marketed without biosimilars will lose patent protection . In total, this group of drugs represents around 150 billion dollars of global sales in the biological sector.

The market opportunity for biosimilars will be significant over the next ten years. Johnson & Johnson’s Stelara and Amgen’s Prolia/Xgeva are the most affected by this scenario.

The two products have a market value of $17 billion, based on 2023 sales. BMS’ Opdivo and BMS/Pfizer’s Eliquis will also lose their exclusivity in the near term, opening up a $21 billion market.

Biosimilars: Keytruda and Ozempic will lose their exclusivity in 2028 and 2026, respectively

Beyond the projection period, the market is expected to continue to grow, particularly in light of the first exclusivity losses for Ketruyda and Ozempic in 2028 and 2026, respectively. Both drugs were the top-grossing biologics last year, with total sales of nearly $40 billion .

The report also points to the opportunity this creates for generic companies, which have also expressed interest in biosimilars. However, they will need to foster partnerships of biological products with smaller biotechs focused on R&D.

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(Featured image by jarmoluk via Pixabay)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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