Since 1984 when U.S. regulations favoring adoption of generics were enacted, the global generics market has grown to account for roughly 38% of global pharmaceutical spending and this portion is expected to increase to 43% in the next five years. Will biosimilars follow the generics trajectory in the next few decades?
While the biosimilars market is still in its early years, many industry watchers expect it to grow faster than all other pharma segments. With biologics accounting for almost a quarter of global pharmaceutical sales, the expiration of their patents will pave the way for intense biosimilar competition. Who will leverage the fast-growth potential of biosimilars?
Historically, Asia has led in generics adoption with approximately 40% of global generics spending coming from this region. With more than 300 biosimilars under development in Asia, could the region position itself as the center for global biosimilars manufacturing and adoption?
In this Executive Insights, L.E.K. Consulting analyzes how the biosimilars industry could evolve in Asia, examining the industry growth drivers, enablers and challenges it will likely face and how industry players can ride the growth waves.