Expiry of Patents in the Biosimilars Market to Decrease Product Costs and Increase Consumer Orientation
Many companies with patented biological drugs have been hampering the acceptance of biosimilars, even though there was a growing need for these products from the patient who cannot afford the exorbitantly priced biological drugs. However, by 2020 most of the patents would expire and this would boost the entry of new entrants. The high cost of pharmaceuticals has become a significant concern in the clash concerned to the ever-increasing costs of healthcare.
When the patent has expired, the drug can be mass-produced and marketed by other companies. This boosts competition and consequently results in a significant plunge in the cost of drugs, which eventually ensures that these drugs are made affordable for general population. This is however a significant problem from the perspective of the biologic drug manufacturer, but this expiry of patents brings an inevitable opportunity for the manufacturers of biosimilars. There are numerous factors like safety, pricing, entry barriers, physician acceptance, and marketing which will make the biosimilar market to grow in a different pace from the generic drug market.
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