Sales of Biosimilar Drugs Set to Surge Sharply in Coming Years

Biosimilars are basically biologic medical products or biologics that are very similar to the conventionally used generic drugs, which are also called reference drugs in the medical industry in order to differentiate them from biosimilars. The extreme similarity that exists between the two groups of drugs often causes confusion among the buyers at pharmaceutical stores. Unlike the generic drugs, the biosimilar drugs are only identical to the original medicines in terms of their therapeutic and clinical results.

The other dissimilarity that exists between the two groups of drugs is that the generic medicines are exact carbon copies of the original synthetic drugs, while biosimilar products are generally modeled after the drugs that utilize living organisms as necessary ingredients. As these products are cheaper than the name brand medicines and produce excellent therapeutic results, they are being used more and more in place of the conventional drugs across the world.

As per the findings of the National Institutes of Health, geriatric people (people in the age bracket 65 years and above) accounted for 8.5% of the global population in 2015 and this share is predicted to rise to 17% in 2050. Due to the rapid growth of the geriatric population, the prevalence of chronic diseases would increase as the older people are more vulnerable to chronic diseases. This would, in turn, augment the sales of biosimilars in the coming years.

Hence, with the mushrooming sales of biosimilar products, the global biosimilars market will exhibit huge expansion in the forthcoming years. The recombinant glycosylated proteins are the most widely sold biosimilars across the world, due to the lesser complexities associated with these products on account of the process of glycosylation that increases the stability of the proteins. Moreover, these products get easy approval from the regulatory bodies, which further boosts their popularity among the masses.

Hence, it can be said with full surety that the sales of biosimilar products will shoot-up all over the world in the years ahead, mainly because of the highly affordable prices of these medicines, the rising incidence of cancer and other chronic diseases, and the increasing geriatric population in several countries around the world.

Read more: https://www.psmarketresearch.com/market-analysis/biosimilars-market