Biological drugs have been gaining immense popularity in the global arena, thanks to their effectiveness in the treatment of chronic diseases such as cancer and various types of blood disorders.
Persistence Market Research (PMR), a market intelligence and research firm, has published a research report on the global biological drugs market stating its total value in 2014 as US$161 bn. The market is anticipated to reach US$287 bn by the end of 2020, expanding at a healthy CAGR of 10.10% during the period from 2014 to 2020.
A biological drug, which is a biopharmaceutical product, is a medicinal product made from material extracted from biological sources such as animal cells, plant cells, or micro-organisms. Unlike conventional drugs, biological drugs have large and complex structures. Compared to a conventional drug, which has around fifty in-process tests, a biological drug has almost two hundred and fifty in-process tests during its development.
Pfizer Inc., Novartis AG, Abbott Laboratories, Eli Lilly and Co., Bristol-Myers Squibb Co., GlaxoSmithKline plc, Merck & Co. Inc., Samsung, Baxter International Inc., Amgen Inc., and Biogen Idec are the major international manufacturers of biological drugs. Here is a snapshot of the latest happenings in the global biological drugs market.
Samsung Bioepis Wins Approval in Europe for Low-cost Version of Enbrel
Recently, Samsung Bioepis, a joint venture between Biogen and South Korea-based Samsung, won the European Commission’s approval for Benepali, a less expensive version of Enbrel, which is a blockbuster drug by Pfizer and Amgen for spondyloarthritis, psoriatic arthritis, rheumatoid arthritis, and plaque psoriasis.
This approval is expected to strengthen the position of Biogen and Samsung in the Europe biological drug market.
GlaxoSmithKline Gained Marketing Permit for Nucala in Europe
The European Commission has also permitted GlaxoSmithKline to market ‘Nucala’ in thirty-one European nations, which comes under the European Medicines Agency. The pharma company has also gained the approval of the U.S. FDA for the biologics license application for biological drugs for the treatment of severe refractory eosinophilic asthma in adults.
The pharma giant had been facing a downturn in the market over the last few weeks. The market sentiments are expected to change after these approvals.
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Asia Pacific Emerges as Lucrative Biological Drugs Market
North America is leading the global market for biological drugs at present. The increasing usage of biological drugs for the treatment of cancer, diabetes, and various blood diseases in the region has fueled this market in North America significantly.
Although North America has showed remarkable growth in its market valuation in recent time, it is Asia Pacific that has emerged as the most attractive biological drugs market among manufacturers. The low cost associated with drug production in Asia Pacific has attracted a number of pharma companies to this regional market, driving the growth of the Asia Pacific biological drugs market.
Additionally, various initiatives such as funding to biotech and life sciences research institutes by several Asian governments to encourage the production of biological drugs are projected to propel this regional market extensively in the coming years.