Global Biosimilars Market which is valued close to $18 billion (2020) is growing at a Double-Digit Rate
A biosimilar is a biological product which is similar to a reference biologic with no clinically meaningful differences in terms of potency, purity, and safety. Loss of patent protection for originator brands to drive the biosimilar market growth A key driver of biosimilar market growth over the next 5-10 years is the number of losses of protection (LoP) events for originator brands. In the US alone, 66 biologic U.S. patents are expiring between 2020 and 2025, owing to which the biosimilar market is on the cusp of a significant boost. Oncology is one of the major therapeutic areas in biosimilars market and by 2023, patents on nearly 20 oncology biologics will expire, which could lead to more biosimilars to enter in oncology space and propelling oncology biosimilars market . Consistent growth in the biosimilar approvals in the US biosimilars market The US biosimilars market is growing across multiple therapeutic areas. From 1 approval in 2015, the number of FDA approvals have in...