The other major factor fueling the demand for these medicines is the rising incidence of various chronic diseases throughout the world. As per the studies of the World Health Organization (WHO), “cardiovascular disease resulted in 31% of all deaths, globally, and cancer constituted the second-most devastating disease, causing approximately 9.6 million deaths worldwide in 2016.” Apart from this factor, the surging geriatric population is also pushing up the requirement for biosimilar medicines.
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As per the findings of the National Institutes of Health, geriatric people (people in the age bracket 65 years and above) accounted for 8.5% of the global population in 2015 and this share is predicted to rise to 17% in 2050. Due to the rapid growth of the geriatric population, the prevalence of chronic diseases would increase as the older people are more vulnerable to chronic diseases. This would, in turn, augment the sales of biosimilars in the coming years.
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P&S Intelligence, a market research company based in India, found that the sales of biosimilar medicines were significantly higher in Europe than the other regions around the world during the past few years, primarily due to the huge investments that were made in R&D (research and development) activities by biopharmaceutical firms and the presence of a large geriatric population and flexible regulatory guidelines regarding the usage of biosimilars in the region.
Hence, it can be said with full surety that the sales of biosimilar products will shoot-up all over the world in the years ahead, mainly because of the highly affordable prices of these medicines, the rising incidence of cancer and other chronic diseases, and the increasing geriatric population in several countries around the world.
