Indian biosimilars market expanding at 14% CAGR
The Indian market for biosimilars is valued at $300-$400 million growing at a compound annual growth rate (CAGR) of 14%. Domestic companies have been actively focusing on research on biosimilars to increase its share in the global market, noted a web posting by Brand India Pharma, an initiative led by Pharmexcil (Pharmaceutical Export Promotion Council) and IBEF (India Brand Equity Foundation) under the aegis of the Department of Commerce, Government of India.
The new regulatory policy and the affordability that biosimilars provide will help the domestic market to reach $40 billion by 2030, commanding over 20% share in the global market as per a report by Assocham-Sathguru.
Several Indian firms such as DRL, Biocon, Zydus, Intas, Aurobindo and others have already made concerted investments and are at an advantageous position to participate in this lucrative market, according to the report.
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