India targeting a $40 billion domestic biosimilars market by 2030
The Indian biosimilar drugs industry is poised for exponential growth owing to the increasing acceptance, entry of new players, and successful launch of biosimilar products.
The comment was made by CPhI Conferences, a division of UBM India, which hosts a number of successful pharmaceutical conferences in the country has announced the 2nd Annual Biosimilars Congress India 2017, slated for August 8-9 in Hyderabad
Indian biosimilar manufacturers are striving to tap this growing opportunity through heavy investments and acquisitions. While biosimilars offer great opportunities to the India pharma and biopharma industry, manufacturers also face some unique R&D challenges. With the introduction of a new regulatory policy in India and increased affordability that biosimilars offer, Indian pharmaceutical companies have started to look at biosimilars as a lucrative sector. The domestic market is expected to grow at an accelerated pace by aiming to reach a target of $40 billion by 2030 and commanding around 20% share of the global market.
Speaking on the upcoming 2nd annual Biosimilars Congress India, Yogesh Mudras, managing director of UBM India, said: “Biosimilar pathways are still evolving across the world and the major issues pharma companies face are with respect to demonstrating biosimilarity to the reference product. The changing outlook for biosimilars comes at a time when the global pharmaceutical industry is feeling the combined impact of two key events – a period of patent expirations on many large pharma brands, and an economic situation that has required healthcare systems to make significant and sustained cost reductions. CPhI’s 2nd Annual Biosimilars Congress thus comes at the right time, and aims to bring forth the challenges and opportunities to industry professionals, so that they can devise smart strategies to augment the growth of biosimilars.”