Government Aiding Players to Develop New Biosimilars
“For reducing healthcare expenditure, governments are providing funds and grants to the pharmaceutical companies to develop new biosimilars”, says RNCOS
The rising healthcare expenditure is compelling governments to search for biosimilar drugs for diseases, such as cancer, anemia, arthiritis, and spondylitis among others, that will help people to recover quickly at lower cost. The recent introduction of Zarxio and Inflectra in the US market is being regarded as a significant event. These along with other biosimilars, in the future, are expected to lower the cost burden on the patient population as well as the American Healthcare System. According to a Bloomberg report, Neupogen costs about US$ 3,500 per year. In the same report, it is estimated that if Zarxio is 30% cheaper than Neupogen, it could save the American healthcare system US$ 5.7 Billion in the next 10 years.
According to a new report published by RNCOS, named, “Global Biosimilar Market Outlook 2022”, governments of countries across the globe are taking various initiatives for the development and increased penetration of biosimilar drugs. In this regard, in March 2016, the Australian government launched an initiative aimed at improving awareness and confidence in biosimilar medicines amongst prescribers, pharmacists and patients. The government has allocated US$ 15 Million (AUD 20 Million) for this initiative for a period of three years. In accordance with this approach, in December 2015, the Therapeutic Goods Administration (TGA) released its updated guidelines on biosimilars.
Similarly, Indian government is also releasing revised guidelines for the approval of biosimilar drugs. This move by the government will bring more clarity to the launch of biosimilars in the country. It will also clarify the parts of the guidelines that could have been interpreted in more ways than one. These guidelines also specify the conditions that biosimilar makers need to meet to exempt themselves from certain clinical trials.
Furthermore, the Peruvian government has issued decrees which are intended to regulate biologic originators and biosimilars. These new regulations will facilitate the market entry of biosimilars and are likely to reduce the price of biologic medicines by 30-60% as compared with the originators.
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