Growth of the Biosimilars Market Is Mainly Driven by Increasing Number of Approved Biosimilars
A biosimilar is a biologic medical product that is similar to another already approved biological medicine, in terms of quality, safety, and efficacy. Biosimilars are a class of therapeutic drugs that provide additional treatment options and help reduce healthcare costs. Thus, there is an increasing demand for biosimilar drugs due to increasing prevalence of autoimmune diseases, key factor driving the growth of the biosimilars market. According to the National Stem Cell Foundation (NSCF), around 4% of the world's population is affected by one of more than 80 different autoimmune diseases, the most common of which include multiple sclerosis, type 1 diabetes, scleroderma, Crohn's disease, lupus, psoriasis and. rheumatoid arthritis. Autoimmune diseases are a family of more than 80 chronic, often debilitating and, in some cases, life-threatening illnesses. Moreover, growth of the biosimilars market is being driven by the increasing research and development and speedy approvals ...