The Food and Drug Administration (FDA) of the United States has reworked on their thinking on biosimilar drugs recently, mentioning that due to their rigidity the “one size fits all” followed by them all these days will not work.
Instead, the agency’s scientists would weigh the array of information or the evidences in its entirety to judge the biosimilarity. According to the many chief FDA officials who have written in the Aug. 4 issue of the New England Journal of Medicine have designed a feasible approach to review and approval of biosimilars in the United States.
For several years now, Biotechnology and pharmaceutical companies have been noticing the decisions taken by the FDA very closely, as the market for biosimilars is claims to be really large. Talking local, the Momenta Pharmaceuticals Inc. of Cambridge has already entered into the development of biosimilars and Quintiles Transnational Corp., which is based in North Carolina with offices in Cambridge, has already signed a deal of $266 million partnership with South Korea’s Samsung Group to produce biosimilars near the Seoul.
According to market studies, the world wide biosimilars market is expected to hit $19.4 billion by the year 2014 with a compound rate of 89.1 percent annual growth from 2009 to 2014. In the year 2008, Asia was the dominant market because it went into the commercialization of its products quite early. However, according to the researches conducted, the Americas will possibly in all likelihood dominate in 2014 triggered by U.S. market opening to the products in 2010.
After all this discussion, we must be clear about this thing called as ‘Biosimilars’. What is Biosimilars in the first place? Biosimilars are products that are similar to, (but not the same as), a new drug. Also known follow-on biologics, these products cost far less than an innovative drug. They treat patients who previously could not afford them with their new affordable treatment. These are not generic drugs that are considered to be the same as the brand. It is however official, but the journal article does signal towards the likelihood of its review applications for biosimilar products under the Biologics Price Competition and Innovation Act.