The biopharma market is evolving competitive with the rapid adoption of novel biologics, biosimilar, and innovative technology. With around a third of the global market for biopharmaceuticals, the United States leads the way in biopharmaceutical R&D.
According to the Pharmaceutical Research and Manufacturers Association (Ph RMA), US biopharma companies achieve $75 billion nearly half of the world’s pharmaceutical R&D and hold the patents on most the new drugs.
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Biopharma companies in the US
Biopharmaceutical industries have a substantial economic impact on the United States. In the U.S., the biopharmaceutical industry employs more than 800,000 people in scientific research and technical support, as well as manufacturing and distribution.
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Overarching trends in the biopharma industry in 2023
The biopharma industry will continue to develop new ways to treat and cure a wide variety of diseases. Nevertheless, actionable health insights, powered by radically interoperable data and artificial intelligence (AI), can help clinicians and consumers know about illnesses much earlier than we do.
In contemporary medicine, biopharmaceuticals have become one of the most widely used treatment alternatives for a wide range of diseases, including cancer.
To meet the world’s growing need for affordable and effective life-saving medicines, biopharmaceutical companies must equip themselves with tools, strategies, and skill sets that help them optimize their manufacturing workflows.
In this article, we discuss four trends that most strongly influence the industry’s search for a streamlined bioprocessing workflow in 2023.
Demand for the biosimilar in the emerging market
Emerging nations are attracted to biosimilar products because they are cheaper than their innovative counterparts.
According to McKinsey, global biosimilar sales will more than double by 2025 to $15 billion… and about $5–8 billion of these sales will come from emerging markets.
As noted by the FDA, a biosimilar is “the fastest-growing class of therapeutic products in the United States.” Additionally, “biosimilar and interchangeable products can offer additional treatment options that could lower healthcare costs,” it adds.
The development of biosimilar will therefore provide pharma/biotech companies with new sources of revenue and competitively priced treatments for many patients. By the summer of 2020, there were 28 biosimilars approved, and 18 had already been launched.
There are 79 additional biosimilars in the approval pipeline. As the industry offers new treatment options and lower prices-expect to see more focus on this category of drugs in 2021 and beyond.
Today, some of the most common bioprocessing workflows involve advanced therapies based on genes, tissues, or cells. The US FDA has approved just ten cell and gene therapies, but there are thousands in development and the number is rising.
According to the FDA, the gene therapy market is expected to grow at a 30% compound annual growth rate between 2020 and 2030. Zolgensma, manufactured by Novartis/Avexis, has shown success in treating spinal muscular atrophy.
It appears that biopharmaceutical companies will expand beyond rare diseases to oncology and other chronic conditions in the future.
Blockchain, bots, and the cloud in Biopharma
To remain relevant in the global market, biopharma companies must remain flexible and adapt to new technologies. Technology-driven competitors such as Amazon have entered the pharmaceutical distribution market, indicating the continued expansion of tech in the life sciences sector.
New technologies, such as blockchain, bots, and the cloud, will be increasingly integrated into biotech, pharma, and MedTech firms. Cloud technologies will continue to transform the biopharma industry due to their flexibility, real-time sharing, and project management capabilities.
Gene therapy, Genome editing, and beyond
Gene therapy is poised to become a key part of the pipelines of major pharma firms starting in 2021 and beyond. In October, Bayer agreed to acquire Asklepios BioPharmaceutical (AskBio) for up to $4 billion.
Two days later, Novartis acquired Vedere Bio, a developer of ocular gene therapy, for up to $280 million. The company announced an agreement to invest up to $1.8 billion in Dyno Therapeutics’ CapsidMapTM platform to develop new adeno-associated virus (AAV) vectors for gene therapies for central nervous system diseases and liver diseases.
Harness biopharma data to drive growth
Biopharma innovation has progressed at an astonishing rate in 2020. To extend your reach and find the right biopharma expert and companies.
Using biopharma data, you can target the key prospects in US bio pharmacists, bio technique experts, biotechnologists, genetic engineers, drug discovery & development associates, and key decision-makers in the biopharma market.
Ampliz data intelligence can help you:
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- Better identify, prioritize and engage the biopharma experts with precise data