DANBURY, Conn. — With the global biosimilars market expected to expand nearly sixfold by the middle of the decade, market research firm IMS Health is launching a market-measurement tool for drug makers interested in getting into the space, the company said.
IMS announced the launch of IMS MIDAS Biosimilars, which it said would establish an industry-verified standard market definition for the biosimilars segment, enabling consistent analyses across geographies, therapies and manufacturers in more than 70 countries. Biosimilars, also known as follow-on biologics, are knock-off versions of biotech drugs.
"Innovative products and expanding indications are fueling new patient treatment options and greater demand for biologics around the world," IMS principal for global generics Alan Sheppard said. "For companies looking to expand in this space or to evaluate the competition, IMS can help track the performance and potential of existing biosimilars and determine how the segment is changing over time — all key to ensuring effective portfolio strategies and maximizing return on investment."
The IMS Institute for Healthcare Informatics estimated that global spending on biosimilars, which reached $311 million last year, will grow to more than $2 billion by 2015, with biosimilars expected to hit the U.S. market by 2014, thanks to a regulatory approval pathway in the Patient Protection and Affordable Care Act.