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Oncology Biosimilars Market : Tracking Current Trends, Opportunities & Challenges Health Articles | October 3, 2016
The global oncology biosimilars market will witness substantial growth over the forecast period and is expected to grow at very impressive CAGR during the forecast period.
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The increasing need for cost-effective treatment methodologies will aid in the stable growth of this market during the forecast period. The high cost of branded biologic oncological drugs will force patients to shift toward biosimilars as they are highly cost-effective. Since biosimilars cost 10%-30% lesser than their parent counterparts, there is the presence of unmet medical needs for such products. This allows domestic manufacturers to market generic versions of the biologic compounds at a lower price, which in turn results in market growth.
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Cancer represents a massive burden on healthcare systems worldwide due to the high cost of treatment therapeutics. The patent expiry of several cancer therapeutics has allowed the entry of biosimilars Cheap Gianluigi Buffon Jersey , which are being incorporated into oncology treatment practices. Biosimilars are synthesized with the use of biologic components such as monoclonal antibodies, proteins, hormones, nucleic acids, colony stimulating factors Cheap Federico Mattiello Jersey , interleukins, and enzymes. The market offers huge growth opportunities for vendors because of the growing incidence of cancer. The clinical pipeline for cancer biosimilars is vast, featuring candidates in different stages of development. Around 30% of all the biosimilars that are awaiting the US FDA’s approval are monoclonal antibodies, including biosimilars of Avastin, MabThera Cheap Federico Bernardeschi Jersey , and Herceptin.
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Factors like the arrival of new biosimilars to drive market growth during the forecast period. Unlike generic drugs, which have APIs that are identical to original drugs, biosimilars are similar to their originator biologic compounds. Biosimilars developed by different manufacturers differ from the original product as well as from each other. Since they are less expensive than biologics, patients will be able to afford and access biosimilars more easily than biologics. Rise in number of patent expiries, increase in prevalence of cancer Cheap Fabrizio Caligara Jersey , growing aging population, promising drug pipeline, need for cost-effective treatment, favorable government regulations are some of the key drivers promoting the growth of oncology biosimilars market.