Reuters reported that Teva and Sandoz are planning a significant ramp-up in production of biosimilars.
According to Reuters:
- More than 55 blockbuster biologics will come off patent protection over the next decade, and account for more than $270 billion in expected peak annual sales;.
- The value of the global biosimilar market could more than triple to an estimated $74 billion by 2030.
- Sandoz is currently the second biggest player after Pfizer in the biosimilar market by gross sales globally. Amgen is in third place).
- Sandoz has launched eight biosimilar drugs, has 15 products in development, and in the next five years would like to double the value of its marketed portfolio
- Teva has 3 approved biosimilars and 13 in development.
- EMA has approved more than 50 biosimilars, and biosimilars have taken the majority of market share from brand-name biologics in Europe and resulted in savings between 75% to 90% off the reference product prices.
- FDA has approved 39 biosimilars and 22 products have been launched as of October 2022.