'Make in India' to fuel four-fold growth in biosimilars and vaccines by 2026: report

Establishing a strong presence in biosimilars is the next frontier for Indian life sciences companies. With biosimilars expected to generate major traction in global markets over the next decade, growing from $12 billion in 2020 to at least $36 billion by 2025 at a CAGR of 24%, studies indicate India does have the potential to supply $5 billion worth of biosimilars globally in the next decade if it overcomes some challenges, reports The Pharma Letter’s India correspondent.

The global biopharma market is expected to nearly double in the next five years. From $267 billion in 2019, data shows the market is expected to grow to $528 billion by 2026. India’s pharmaceutical ecosystem has recognised the potential of this market.

Two Indian companies have gotten approvals for biosimilars in the US and European markets. The development of the indigenous Covaxin vaccine for COVID-19 in record time is hailed as another success story. However, in an industry that thrives and rewards R&D innovation, India-led novel drug examples have been extremely rare.