E X P E R T I N S I G H T S
at $ 15.9 billion in 2021 and is projected to reach $ 143.6 billion by 2031 . The India biosimilar market size was valued at INR 2.20 billion in 2023 and it is anticipated to grow at a CAGR of 25.20 % during the forecast period of 2024-2032 .
Market Access and Affordability
The rising cost of healthcare globally has led to a growing emphasis on affordability and accessibility of treatments . Cost-effective biopharmaceuticals , including biosimilars , are seen as a way to address this challenge by offering comparable therapeutic options at lower prices , thus improving patient access to essential treatments .
India approved its first similar biologic in the early 2000s , predating both the European Union ' s approval in 2006 and the United States ' approval in 2015 . Since then , India has emerged as a leading manufacturer of similar biologics , with a thriving domestic market that has seen a total of 93 approved products as of 2019 .
Skilled Workforce
India boasts a large pool of highly skilled scientists and researchers , many of whom have received training and education from prestigious
The India biosimilar market size was valued at INR 2.20 billion in 2023 and it is anticipated to grow at a CAGR of 25.20 % during the forecast period of 2024-2032 .
institutions around the world . We have seen a rise in the “ Reverse Brain drain ” in the Indian Biotech sector with highly skilled post-doctoral fellows from US , UK , Germany etc . searching for opportunities in India . This skilled workforce enables Indian biotech companies to undertake complex R & D projects and innovate in various biopharmaceutical domains . With India ' s growing prominence in biosimilar manufacturing and global demand for affordable biopharmaceuticals , these returning professionals bring valuable expertise and experience . Their contributions strengthen India ' s capabilities in biosimilar development , regulatory compliance , and market access .
Government Support
The Indian government has been actively promoting the biotechnology sector through various initiatives , incentives , and policies . These measures include funding support , tax incentives , streamlined regulatory processes , and the establishment of biotech parks and clusters , fostering a conducive ecosystem for R & D investment .
B-Hub , the Biopharma Hub , is a groundbreaking initiative in India , providing essential assistance to
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BioVoiceNews | May / June 2024