Celltrion and Samsung Bioepis Stand to Benefit
The U.S. government is assisting biosimilar manufacturers so that drug prices can be lowered. Under the circumstances, South Korean biosimilar developers are expected to be able to benefit.
The U.S. Food and Drug Administration announced on July 28 that Mylan’s biosimilar Semglee is now interchangeable with Sanofi’s Lantus. The number of such cases, which are quite general in Europe, is likely to increase in the United States as well, and then Celltrion and Samsung Bioepis can benefit as global leading biosimilar manufacturers.
These days, the United States is increasing support for its biosimilar industry. The U.S. Senate Committee on the Judiciary approved four bills on July 29 so that prescription drugs can become cheaper and original drug manufacturers do not abuse their patent rights.
This trend will lead to market expansion in the short term and more competition in the long term. According to the National Biotech Policy Research Center, the third-generation biosimilar market related to drugs whose exclusive patent rights are scheduled to expire between 2020 and 2026 is expected to grow from US$29 million to US$5.46 billion from 2020 to 2026. Global pharmaceutical companies such as Amgen and Pfizer are also entering the biosimilar market and original drug manufacturers with patents are working on biosimilars as well.