The biotech drug sales rose 12.5% in 2007, more than double the rate of overall pharma sales but less than the growth rate posted in 2006, says IMS.
The IMS Health data has shown that in 2007, the worldwide sales of biotechnology drugs rose by about 12.5%, higher than double the rate of total pharma sales, but less than 18% growth rate recorded in 2006, as reported by REUTERS.
According to IMS, in 2007, the global sales of biotech drugs reached about $75 Billion, whereas around 22 biotech products accounted for over $1 Billion. Further, with about 56% of overall sales in 2007, the US continued to be the largest market. But five key European markets gradually increased their share, inching close to 24% in 2007. On the other hand, Japan recorded a drop of about 5% of the global sales.
A rise in anti-diabetic agents, vaccines, auto-immune agents and cancer therapies sales boosted the growth in biotech drugs sales in 2007. Also, the rising demand of biotech drugs stemming from cancer and diabetic patients that require increasing amount of vaccines, pushed up the biotech drugs market worldwide in 2007.
Moreover, the emergence of new products in biotech drug market used for the treatment of melanoma, osteoporosis and respiratory syncytial virus raised the global sales of biotechnology drugs in 2007.
Further, the demand for biotech drugs is rapidly increasing as biotech products, which are made by the use of DNA and microorganisms, are not easy to copy as generics as compared to relatively simpler molecular compounds used to produce most of the drugs. Thus, biotech drugs are neither exposed to generic competition nor to patent expiration and this is the biggest trouble for the pharmaceutical industry.
Thus, due to an increase in the demand for biotech drugs for treatment of chronic and fatal diseases, the biotech drug sector is likely to remain one of the strongest segments in the pharmaceutical industry in future.
A Research Analyst at RNCOS opined, “The present market scenario and foreseeable future shows that the biotech product companies are expected to grow rapidly if they meet the regulatory standards. This can be achieved if the companies deploy effective commercial models with compelling proof of their product’s value. Also, the improved market access and pricing strategies can provide easy access to patients to new products.”
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