Pegfilgrastim Biosimilar Market Expected to Witness a Sustainable Growth & Revenue Over 2018-2028
Biosimilar is a medical product that is almost an identical copy of an existing drug manufactured by a different company. They require independent approval through clinical trials. The Biosimilar market is an expanding market. Approximately 30% of drugs sold globally are biopharma drugs. 40% of prescription drug spending in the US is on biologic drugs. Filgrastim is used as a medication for treating low levels of blood neutrophils
[UKPRwire, Mon Sep 16 2019]
Biosimilar is a medical product that is almost an identical copy of an existing drug manufactured by a different company. They require independent approval through clinical trials. The Biosimilar market is an expanding market. Approximately 30% of drugs sold globally are biopharma drugs. 40% of prescription drug spending in the US is on biologic drugs. Filgrastim is used as a medication for treating low levels of blood neutrophils caused by chemotherapy, HIV/AIDS, radiation poisoning or some other unknown source. It stimulates the growth of white blood cells which are used to fight infections in the body. Pegfilgrastim biosimilar is an existing medical product that fights low white blood cell levels. The Pegfilgrastim biosimilar marketis an expanding market in the US. Pegfilgrastim biosimilar is the long-acting drug form of Filgrastim. It has a human half-life of approximately 15-80 hours, which is more than the parent Filgrastim. Pegfilgrastim biosimilar named Fulphila (Pegfilgrastim-jmdb), produced by Biocon/Mylan, collaboration has recently been approved by the US FDA as the first Biosimilar to Neulasta, which is an existing medical product used to treat low blood neutrophils levels. Pegfilgrastim Biosimilar is almost identical to Neulasta, which was the first drug used to fight low neutrophils levels.
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Pegfilgrastim Biosimilar Market: Key Players
The first Pegfilgrastim Biosimilar product named Fulphila (Pegfilgrastim-jmdb) by Mylan-Biocon collaboration has been approved by US FDA and will soon be launched in the market. Other companies that have filed applications for Pegfilgrastim Biosimilar include USV Biologics, Cinfa Biotech, Coherus, Sandoz, Stada Arzneimittel/Gedeon Richter and Pfizer.
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Pegfilgrastim Biosimilar Market: Regional Outlook
North America’s Pegfilgrastim Biosimilar market is anticipated to grow at a rapid pace over the forecast period due to growing incidences of cancer, increase in health expenditure and easy affordability because of cost cuts. The Australia and New Zealand Pegfilgrastim Biosimilar market is anticipated to grow significantly owing to growth in the cases of acute chronic neutropenia, cancer and HIV/AIDS. Europe’s Pegfilgrastim Biosimilar market is expected to grow at a moderate rate over the forecast period owing to poor research and development investments by local governments, less GDP per capita and varying regulatory and competitive dynamics in different countries.
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Pegfilgrastim Biosimilar Market: Overview
Increasing incidences of cancer are leading to increased chemotherapy procedures. Myelosuppressive or Induction chemotherapy is anticipated to grow significantly due to growing pool of cancer patients. Pegfilgrastim stimulates the growth of healthy WBCs in the bone marrow, which helps fight any infection occurring post the chemotherapy procedure. The patients are heavily exposed to radiations which are poisonous and can damage the bone marrow. Therefore, the use of Pegfilgrastim Biosimilar in bone marrow transplantation is also anticipated to increase during the forecast period. Based on the distribution channels, hospital pharmacies will witness fastest growth in the Pegfilgrastim Biosimilar market.
Pegfilgrastim Biosimilar Market: Drivers
Increasing prevalence of diseases, such as cancer and HIV/AIDS, will drive the growth of the Pegfilgrastim Biosimilar market. Pegfilgrastim biosimilar also fights infections and controls low blood neutrophils level in patients having undergone chemotherapy, radiation poisoning, etc. Pegfilgrastim Biosimilar is cheaper than Pegfilgrastim, which might also contribute to the expansion of the Pegfilgrastim Biosimilar market over the forecast period. However, side effects related to Pegfilgrastim Biosimilar, such as bone pain, acute respiratory distress syndrome, rupture of the spleen and other allergic reactions, might hinder the growth of Pegfilgrastim Biosimilar market. Reimbursement policies for Biosimilar in the market are also not well appreciated and could restrain the growth of Pegfilgrastim Biosimilar market over the forecast period.
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