The market for biosimilars offers tremendous growth opportunities for the operating companies to record high revenue growth. Thus, large numbers of key companies such as Hospira, Inc., Teva Pharmaceutical, Amgen, Actavis and others are in constant efforts to develop novel biosimilar and spending huge amount of their profits for research and development activities.
For instance, Hospira, Inc. increasing their research and development expenses on clinical trials to introduce novel biosimilars which would ultimately drive the market growth. Additionally, Amgen, Inc. have strong research pipeline (phase III molecule) for the biosimilar products such as ABP 501, ABP 980 and ABP 215.
Furthermore, demand for biosimilars is also expected to increase due to the rise in the incidence of diseases such as cancer, cardiovascular problem, and others. For these diseases, biosimilars have proven a promising option for the disease diagnosis and mitigation.
Other factors such as rising number of off-patented drugs, positive result of many biosimilar clinical trials and others drive the market growth to a great extent. However, a strict regulatory framework for the biosimilar manufacturers to develop these products restricts companies to invest in this market, leading to hampering the market growth during the future period.