India Biosimilars Market: By Type (Monoclonal Antibodies, Recombinant Growth Factors, Recombinant Hormones, Anti-Inflammatory Agents, Immunomodulators, Others), By Application (Oncology, Blood Disorders, Auto-Immune Diseases, Others) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others) and By Country

India Biosimilars Market size was valued at US$ 6,734.9 Million in 2022 and is anticipated to grow at a CAGR of 27.6% over 2023-2029. Biosimilars are similar to the already approved reference product in non-clinical, clinical and quality evaluation. Biosimilars are not treated as generic drugs alternatively referred to as follow-on biologics or biopharmaceuticals. These are generally derived from yeast, bacteria, animals, plants, and other biological organisms. Biosimilars are produced mainly by controlled gene expression or recombinant DNA technology. The escalating prevalence of chronic diseases like diabetes, cancer, and autoimmune disorders in India plays a pivotal role in propelling the revenues of the country's biosimilar market.

According to the World Health Organization, nearly 63% of total deaths in India are due to noncommunicable diseases, of which 27% are attributed to cardiovascular disease which affects 45% of people in the 40-69 age group and 77 million people above the age of 18 years are suffering from type 2 diabetes. Biosimilars, offering comparable therapeutic outcomes to original biologics at lower costs, emerge as a crucial solution. These affordable alternatives enhance patient access to vital treatments, foster improved adherence to therapy regimens, and alleviate the economic burden on both patients and healthcare systems. As the market caters to the growing requirement for effective and accessible chronic disease management, biosimilars secure a prominent position, driving market growth and revenue streams. Moreover, growing healthcare demand further accelerates the growth of the biosimilar market. India's large and diverse population creates a substantial demand for healthcare services and treatments.

Biosimilars offer a cost-effective solution to address the healthcare needs of a vast patient base, making them an attractive option for both patients and healthcare providers. However, developing biosimilars involves extensive analytical and clinical testing to demonstrate similarity to the reference product. This can lead to longer development timelines and higher costs, potentially limiting the demand for biosimilars. Meanwhile, the Indian government's supportive initiatives to promote the pharmaceutical industry, including biosimilars, have created significant opportunities for the biosimilar market's growth in India. Pharmaceutical companies are always engaged in research and development efforts aimed at producing biopharmaceuticals. For instance, in July 2023, Biocon Biologics launched Hulio, a biosimilar for AbbVie's Humira in the USA.

India Biosimilars Market Key Developments:   

• In June 2023, Alkem Laboratories launched world’s first biosimilar of Cetuximab, Cetuxa, used for the treatment of head and neck cancer.
• In February 2023, Alkem subsidiary Enzene launched adalimumab biosimilar in India, which is used for treating autoimmune diseases like rheumatoid arthritis and ankylosis spondylitis.
• In March 2023, Sandoz was granted FDA approval for a citrate-free, high-concentration formulation of its biosimilar Hyrimoz (adalimumab-adaz) injection.