The global biological drugs market is considerably fragmented due to
the presence of a large number of market players, Transparency Market
Research (TMR) finds in a new study. The degree of competition in the
global biological drugs market is moderate as consumers have a medium
level of brand association.
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A TMR analyst points out, “The introduction of new products that
are suitable to be used in combination with other drugs for increased
effectiveness against medical conditions is one of the key growth
strategies adopted by the top companies in the global biological
drugs market.” This is because products innovation is the mean for
leading companies to stay ahead in the competition though there is a
moderate degree of brand identity among buyers. A case in point is
Amgen Inc. In 2014, the company introduced Vectibix to use in
combination with FOLFOX for the treatment of patients with a specific
type of colorectal cancer.
Collaborations and partnerships for evaluating safety and efficacy of
treatment therapies are the means leading players in this market are
adopting for increased visibility. Mergers and acquisitions are also
on the growth charts of top players in the biological drugs market
for the development and commercialization of biological drugs they
manufacture.
Use of Biological Drugs for Chronic Diseases has Fewer Side
Effects
An increasing incidence of chronic diseases is one of the major
factors propelling the growth of the global biological drugs market.
The increasing incidence of chronic diseases such as cancer, asthma,
diabetes, and rheumatoid arthritis around the world is fuelling
demand for biological drugs since they have has fewer side-effects
than conventional drugs.
The rise of the geriatric population globally is also increasing the
demand for biological drugs. This population class is susceptible to
age-related disorders, wherein biological drugs are more effective
for treatment. For example, Lucentis, a biological drug approved by
the FDA is specifically used to treat age-related macular
degeneration.
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Endorsement and encouragement of use of biological drugs by
government associations is also driving the demand for biological
drugs. For instance, the National Institute for Health and Care
Excellence (NICE) offers clinical guidance to healthcare
professionals that recommend the usage of biological drugs based on
their proven clinical effectiveness worldwide.
Complexity of Production Process and High Raw Material Costs
Hamper Market Growth
“The high cost of biological drugs is impeding the growth of this
market,” says a TMR analyst. The high cost of raw materials along
with complexity involved in procuring live organisms makes the
production of biological drugs very expensive. Prior to production,
extensive research and development efforts are involved that adds up
to the production cost of biological drugs.
Patent expiration of various blockbuster biological drugs is one of
the major concerns in the market due to a sharp decline in revenues.
For instance, the patent for Humira, which is a drug for rheumatoid
arthritis, expires in the U.S. in 2016 and in 2018 in the European
region that recorded a global revenue of almost US$10.6 bn in 2013.
The risk of adverse effects associated with biological injectable
medicines is also restraining the growth of the biological drugs
market. Skin reaction and injection site reactions are the most
adverse, yet the common type of effects of biological injectable
medicines.
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The global biological drugs market is expected to be worth US$287.13
bn by 2020. Prenvar 13 is expected to be the fastest growing vaccine
segment in the coming years. Based on monoclonal antibody (mAb),
Humira is expected to be the fastest growing biological drug.
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