Insulin biosimilars have promising future owing to increasing prevalence of diabetes worldwide

 

Insulin Biosimilars
Insulin Biosimilars

When compared to generic drugs, Insulin Biosimilars are likely to have a lower list price than their predecessors. While manufacturers of the generic versions of insulin may offer price cuts, biosimilars will not be able to match those discounts. Moreover, the cost of manufacturing biologics is prohibitively expensive, and manufacturers will not be willing to discount their products. As such, prices of Insulin Biosimilars are likely to remain high.

According to Coherent Market Insights the Insulin Biosimilars Market Size, Share, Outlook and Opportunity Analysis, 2022-2028.

Despite the recent approval of a biosimilar insulin, a number of challenges remain for biosimilars. The availability of insulin biosimilars may open up new opportunities for pharmaceutical companies and retailers. As the cost of insulin rises, many Americans struggle to afford their medication, which leads to up to 25% of the population resorting to rationing. With three major insulin manufacturers accounting for 95% of the world's insulin supply, the price of insulin has increased by 11% annually over the past decade. In response to this, manufacturers are actively seeking licensing and approvals for biosimilars.

The first commercially available insulin biosimilar, Semglee, is already proving to be an affordable alternative to expensive brands. The FDA has approved a biosimilar version of insulin glargine, a long-acting human insulin analog. Semglee is interchangeable with Lantus, and requires no clinician's approval. However, it is imperative to always seek a prescription for the brand name before switching to a biosimilar insulin. The demand for biosimilar insulins is rising. With diabetes prevalence reaching epidemic levels in the US, the pharmaceutical industry is facing increased competition for insulin and biosimilars. While insulin is protected by patents, the availability of generic versions will open up new opportunities for competitors. In addition, the stringent requirements for biosimilars will help drive prices lower by 20 percent. These developments are expected to increase the demand for insulin in the coming years. Because of these changes, biosimilars have become more affordable than ever.

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