Despite having a strong presence in the generic drugs sector across the globe, India is yet to grow as a hub of biosimilars where China and South Korea are in the lead.
However, India won’t find it difficult to catch up with China, said Dr P.V. Appaji, director-general, Pharm-aexcil, adding that it is expected to grab 20-25 per cent share in the global biosimilars market in the next five years.
Currently, India accounts for 2-3 per cent of the global biolsimilars market.
“India should be at third or fourth position in the biogenerics market in the next five years,” he said.
Biosimilars are generic versions of biological medicines that depend on the same mechanism of action, and are used for the same therapeutic indication, as the innovator product.
The market for biosimilars globally stands at $580 million and is expected to grow to $10 billion by 2015, said Shakthi M. Nagappan, CEO, BioAsia.
Mr Nagap-pan said that the biopharmaceuticals (consisting of biosimilars, vaccines and other products) is anticipated to lose its patent protection by 2015.
Meanwhile, the biopharmaceuticals market stands at $100 billion.
According to Mr Appaji, 70-80 per cent of therapy will be replaced by biosimilars, that will outperform chemical drugs, by 2020. At present, the chemical drugs market is at $700 billion globally.
Even venture capitalists are open to invest in research and development of biolsimilars, Mr Nagappan explained.
This has also given rise to pharma companies looking for tie-ups to develop biosimilar drugs. In India over 100 companies including players like Dr. Reddy’s, Intas and Reliance are involved in R&D.
The focus on biosimilars is expected to draw many stakeholders from across the world to BioAsia 2013, a global summit, that will be held in Hyderabad from January 28-30.