Rise in
occurrence of various kinds of cancers such as brain tumor, lung cancer, and
blood cancer is anticipated to boost the growth of the global biosimilars
market. Escalating need for using biosimilar drugs as alternative therapy for chemotherapy
for cancer patients will prop up the scope of the global biosimilars industry
expansion. Increase in occurrence of autoimmune disorders such as rheumatoid
arthritis and ankylosing spondylitis will provide new growth avenues for the
global industry. Moreover, with key players such as Teva Pharmaceuticals and
Sandoz planning to ramp up biosimilar production, the market for biosimilars is
anticipated to gain traction over the years to come. The move is aimed at increasing
their market share by raising production of expensive medicines used for treating
chronic disorders such as cancer and arthritis. According to Allied Market
Research report, the global biosimilars
market is set to accrue earnings worth nearly $143.6 billion by 2031.
Major Business
Strategies To Favorably Impact Global Biosimilars Market Size
Key
players in the global biosimilars market are implementing strategies such as
the launching of new products with added features, thereby contributing majorly
to the demand for generic drugs such as biosimilars across the healthcare and
pharmaceutical sectors. Furthermore, the strategy will also help market players
in accruing huge returns on investments along with expanding their business
across the globe. Furthermore, strategic partnerships, alliances, and
collaborations are predicted to assist the firms in expanding their product line
as well as facilitate product diversification along with accounting sizably
towards the profitability of the firms. The aforementioned strategies will help
organizations set up a strong growth foundation in the global market, create value
proposition of the product among the customers, and contribute notably towards the
global market proceeds. In addition to this, strategic partnerships will also
help firms in developing differentiated products and cost-effective products. The
strategy of acquisition has played a key role in expanding the product line,
product width, and product breadth of the firm, thereby accounting for major
contributions towards the global market earnings. It has also helped the firms
in increasing their cash inflows and EBITDA earnings along with reducing cash
outflows caused due to purchase of raw materials and other components used for
manufacturing biosimilars. Moreover, these acquisitions taking place in same
industry or different industry also help in forward and backward integration of
product, thereby leading to massive business expansion. These major strategies adopted
by the key industry participants will enable the firms in increasing their
consumer base and expand their regional presence across the globe. Let us discuss few of these major business strategies
adopted by industry players to expand their businesses and current trends observed
in the global biosimilars market.
Amneal
Pharmaceuticals’ Launching of RELEUKO® To Enhance Market Profitability
New product
launches have played a pivotal role in leveraging the expansion of the global
biosimilars market and will continue to do so even in years to come. Citing an
instance, Amneal Pharmaceuticals, Inc., a key firm in generics and specialty pharmaceuticals
business, launched RELEUKO®, a biosimilar referring to Neupogen®. RELEUKO®.
Reportedly, the new product is used for treating neutropenia which is usually
experienced in subjects undergoing chemotherapy. Moreover, the product was
developed by Amneal in collaboration with Kashiv Biosciences, LLC. For the
record, RELEUKO® is the second biosimilar launch of the firm in the U.S. and plays
a key role in treatment of cancer. The move is predicted to offer new avenues
of growth for the biosimilars market in the U.S. and across the globe. Furthermore, JSR Life Sciences, LLC, a key
player in biopharmaceutical industry, and Blau Farmaceutica S.A., a biotech
firm, jointly developed Similis Bio, a new business unit focusing on biosimilar
development. As per the agreement
between the two firms, it has been decided for launching four biosimilar assets
targeting inflammation, cancer, and blood disorders. The initiative will boost
the global business trends.
Continuing with
the trends of new product launches, Organon Canada Inc., a key women health
firm based in Canada, introduced Aybintio®, a biosimilar of Avastin®. The
strategic move will provide new treatment alternative for patients in Canada
suffering from various kinds of cancers such as metastatic colorectal cancer,
non-small cell lung cancer, primary peritoneal cancer, malignant glioma,
fallopian tube cancer, and platinum sensitive recurrent epithelial ovarian
cancer. The initiative is likely to help patients in receiving cost-effective treatments.
This, in turn, will play a major role in leveraging the expansion of the global
biosimilars market.
Teva
Pharmaceutical Industries Join Hands With HealthSnap To Enable End-Users To
Gain Effective Treatment Through Biosimilars
Strategic
partnerships have played a crucial role in influencing the growth of the global
biosimilars market. For instance, Teva Pharmaceuticals, a key affiliate of Teva
Pharmaceutical Industries Ltd., declared its collaboration with HealthSnap, a
key firm offering remote patient monitoring and telehealth tool and providing
virtual chronic disease management tool. Moreover, the collaboration will help end-users
have access to Teva Pharmaceuticals Digihaler® system, a digital health tool
devised for helping patients to get more information on treatment discussions
with healthcare service providers through personal care. Apart from this, the
strategic partnership will help the healthcare service providers in integrating
patient data into their workflows along with aiding proactive remote care
access across huge population. It will also help the customers in online
purchase of biosimilars at reasonable costs. The business strategy implemented
by the key industry players will contribute majorly towards the global market
size.
Continuing with
the trends of strategic partnerships, Biocon Biologics Limited, pharmaceutical
firm based in India, and Yoshindo Inc., a key pharmaceutical firm based in
Japan, signed a partnership agreeement. For the record, Yoshindo Incorporation
will acquire exclusive commercialization rights for two biosimilars in Japan
from Biocon Biologics Limited for $700 million. The move is set to benefit the
biosimilars market in Asia-Pacific and spur the size of the global market.
Biocon
Biologics Limited Acquiring of Biosimilar Assets of Viatris To Capture Major
Share of Global Biosimilars Market Globally
Acquisition
have played major role in influencing the growth of any industry and
biosimilars industry is one of them. Furthermore, Biocon
Biologics Limited, a biotech firm based in India, acquired biosimilar
assets of Viatris Inc., a global pharma and healthcare corporation, for nearly
$3.3 billion in both cash and stock. The strategic move will help Biocon in commercializing
its biosimilars product portfolio. The initiative will help in rapid expansion
of the biosimilars market across the globe.
The key
industry players are executing the business strategies such as new product
launches and strategic partnerships with a view of increasing their gains on
initial investments along with surge their market penetration across the globe.
The objective of enforcing these strategies is to increase proceeds of firms in
terms of value, brand building, brand equity, brand positioning, and brand
imagery along with improving the reputation of their brands across the globe.
Author
Biography - Dhananjay Punekar is writer, avid reader & book
lover, and interested in watching sports. He holds post graduate degree in
management and is working as a Sr. Specialist Content Writer at Allied Market
Research. He can be reached at dhananjay.punekar@alliedanalytics.com
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