mAbxience | Market & industry news
Biologic medicines have reached €8.4 billion, and represent 9% of the total biologics market in 2020. 1
2020 reflects upon the historic learnings, current progress, and future potential of biosimilar competition in this emergent market.1
Currently, the EMA has authorized more than 62 biosimilar medicines.2 The FDA has approved more than 29 biosimilar medicines up to date.3
The global pharmaceutical market will exceed $1.5 trillion by 2023 growing at a 3–6% compound annual growth rates over the next five years.4
By 2023, the part of the biologic market with competition from biosimilars will be nearly 3 times larger than it is today, and the presence of that competition will result in nearly $160 billion in lower spending over the next five years, or about 10% of the cumulative spending that would have been in that period. 4
1. IQVIA. The Impact of Biosimilar Competition in Europe. December 2020
2. European Medicines Agency. January 2021
3. Food and Drug Administration. Purple Book. Lists of licensed biological products. January 2021.
4. IQVIA Institute. The Global Use of Medicine in 2019 and Outlook to 2023. January 2019.