Biosimilar Insulin Market generated US$ 1.3 billion in revenue at the end of 2021, and it is predicted that this market would grow at a value CAGR of 14.9% to reach US$ 5.9 billion by the end of 2032.
The biosimilar insulin market is a rapidly growing segment of the pharmaceutical industry. Biosimilars are biologic medical products that are highly similar to, but not identical to, an already approved biologic product. Biosimilars are typically developed after the patent on the original biologic product has expired, and are intended to be lower-cost alternatives to the original product.
The significant increase in diabetic patients has made it challenging for medical staff to administer biological therapy for insulin. The goal now is to reduce the cost of producing biosimilar insulin, which will hasten the development of large molecule biological goods. The global market is positively impacted by these unique medicines, but the regulatory environment for biosimilar insulin is crucial.
Another factor driving the growth of the biosimilar insulin market is the increasing cost of insulin. In the United States, the cost of insulin has more than tripled in the past decade, and it continues to rise. This has led many patients to seek out lower-cost alternatives, such as biosimilars, to help manage the cost of their treatment.
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How Can Producers of Biosimilar Insulin Products Expand?
The urgent need for cost-effective biosimilar insulin
For diabetics, especially those with modest incomes, finding affordable insulin has become considerably more difficult. Recent advancements in cutting or capping the price of insulin have been made in a number of jurisdictions and through several commercial insurance firms.
Senator from New York and Senate Majority Leader Chuck Schumer sponsored legislation to set a US$35 cap on the price of insulin for the majority of diabetes patients in February 2021. During the State of the Union address in March 2021, when U.S. President Biden supported the insulin cap and campaigned for Medicare to negotiate lower prescription drug prices, insulin pricing also came up.
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Leading manufacturers are lowering the price of biosimilar insulin products to increase their market share globally. In the same way, several significant market competitors are seeking licensing and approvals. The growth of corporate partnerships to advance biosimilar insulin products is another key market trend being observed.
In July 2021, Biocon got FDA approval of its biosimilar insulin – Glargine-yfgn injection (Semglee®) – as the first interchangeable biosimilar product under the 351(k) regulatory pathway.
In December 2021, Eli Lily’s got (FDA) approval for the biosimilar version of insulin glargine-, Rezvoglar KwikPen.
Key Segments Covered in Biosimilar Insulin Industry Research
Biosimilar Insulin Market by Product:
- Insulin Glargine
- Insulin Analog
Biosimilar Insulin Market by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Biosimilar Insulin Market by Region:
- North America Biosimilar Insulin Market
- Latin America Biosimilar Insulin Market
- Europe Biosimilar Insulin Market
- APAC Biosimilar Insulin Market
- Middle East & Africa Biosimilar Insulin Market
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