The domestic pharma industry can take advantage of the $240-billion global opportunity for biosimilars, according to a report of Assocham and Sathguru Management Consultants. The report was released by D Swaminadhan, President & Director General, Jawaharlal Nehru Institute of Advanced Studies, at conference on biopharma held here on Thursday.
“With the introduction of a new regulatory policy in India and increased affordability that biosimilars offer, the domestic market is expected reach the target of $40 billion by 2030 to command a 20 per cent share of the global market,” the report added. The Indian biosimilars industry was close to $300 million in 2015. Domestic sales, estimated at $250 million, grew at a CAGR of 14 per cent while exports contributed the balance.
Biosimilars, or follow-on biologics, are terms used to describe officially approved new versions of innovator biopharmaceutical products following patent expiry.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.