Biopharmaceuticals are medical drugs which are produced with the help of biotechnology. The US is the largest market for biopharmaceuticals and is the leader in terms of revenue, by a substantial margin. The biopharmaceutical market can be classified based on the class of the medical drug into recombinant proteins, monoclonal antibodies and purified proteins. Based on the therapeutic applications, biopharmaceuticals can be classified as blood factors, thrombolytic agents, hormones, hematopoietic growth factors, interferon’s and vaccines.
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The US biopharmaceutical market was valued at USD 90 billion and is estimated to grow with a CAGR of 11%. The US accounts for more than half the production of biopharmaceuticals in the world. The biopharmaceutical market is expected to grow in the coming years because of certain concrete drivers for the market. Firstly, the launch of newer and advanced products at short intervals gives consumers a variety to choose from and increases its consumption. Secondly, the percentage of population beyond the age of 65 has been growing steadily and they are the primary consumers of biopharmaceuticals. Also the approval for newer indications of existing therapies and drugs has helped in the growth of the market.
The high cost associated with biopharmaceutical medicines is a major hindrance to the growth of the market. To make it commercially more viable, the cost needs to be reduced. Also there are several cases of unwanted side effects of biopharmaceuticals which have left a negative impression in the market about these products. Also the approach people have to biopharmaceuticals is that of a secondary line of action. Biopharmaceuticals have to enter the mainstream of medicines for its sustained growth.
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The approval for additional indications is a very strong opportunity to tap newer markets. There is still a section of the population that is unaware about the pros and cons of biopharmaceuticals and hence deter from using it. This market needs to be penetrated in order to increase the growth of the market. All biopharmaceuticals could be developed to cure diseases which till now were incurable. This would be the biggest opportunity that the market could have.
Some of the key players in the US biopharmaceutical market are Novartis, Pfizer, Merck, Johnson and Johnson, Abbot Laboratories and others.