Growth of Biopharma, Biosimilars and Biotechnology in Healthcare in India

Abstract

Biosimilars market in India has witnessed the rapid expansion by increasing demand in healthcare market to build a strong biopharmaceutical manufacturing ecosystem. Biosimilars are closely resambling biological products to reference biologics that act as cost effective alternatives for treatment of chronic diseases such as cancer, diabetes, autoimmune disorders and other non-communicable diseases. As India is having price-sensitive healthcare landscape biosimilars cost advantage has catalysed its increased adoption by healthcare providers. India has emerged as one of the active biosimilar hubs with over 140 biosimilars approved for use in multiple therapeutic classes including insulins, growth factors, monoclonal antibodies and peptide hormones. Increase in chronic disease prevalence and increasing budget allocation to biopharma and healthcare industry has underscored the robust trajectory of the biosimilars market in India positioning as a significant contributor to domestic healthcare.