The robust economic growth figures and increasing income levels may soon put India in one of the key players of biosimilars market among the emerging economies by 2015. So far, the share of India in the space of biosimilars has been negligible, voice the industry captains at the ongoing CPhI India Conference Series 2010 in Mumbai.
K V Subramaniam, President and CEO, Reliance Life Sciences said, “one of the main reasons why the biosimilars market is growing slowly is because of the affordability issues.”
Commenting on the same, Hareesh Parandhaman, Head-Business Development, Biotechnology, Lupin Pharmaceuticals said, “India is set to grow at 20% in the space of biosimilars which is at par with the global growth rate. The global market for biosimilars is worth $120 billion and emerging markets consist of about 18 per cent. India may capture the market up to $2billion by 2015 which would be 10% of the emerging economies’ market share.”
Subramaniam said, “The countries like USA and of Europe command majority of market share due to high incomes and affordability. However, the level of affordability in India is increasing,” while speaking at the South Asia’s largest three-day pharmaceutical event organised by United Business Media (UBM) on Thursday.
Biosimilars include products like insulin for diabetes patients. It is noteworthy that the Indian pharmaceutical exports have been consistently growing and biosimilars are not any exception, voiced the industry experts at the conference where more than 800 participants from worldwide are participating.
The event on second day also witnessed a record number of visitors from various countries as the overall number of participants has crossed the mark of 800 this year. This is the fifth edition of three-day CPhI India, P-MEC, BioPh and ICSE events of UBM India in partnership with Pharmaceuticals Export Promotion Council (Pharmexcil), started from Wednesday at the Bombay Exhibition Centre in Mumbai.