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Biosimilars, also known as biologic products, are currently the fastest growing category of medical products in the United States, with sales estimated at more than $40 billion dollars annually. When prescribed by doctors, these products may provide more effective treatment options for patients suffering from a chronic disease or condition. In late August, the FDA held a forum on biosimilars. The topic was "biosimilar medications - what are they, how do they work, and are they safe and effective." Representatives from the FDA, pharmaceutical companies, and biotechnology organizations attended the forum. The forum included individuals who are leading the charge to register biosimilar products for clinical trials. According to the FDA, the agency will begin accepting applications for biologic drugs in late fall of 2020. In Japan, various manufacturers are focused on developing pipelines that contain biosimilar candidates aimed at treating various therapeutic conditions for patients in Japan. For instance, in December 2020, Alvotech and Japanese pharmaceutical company Fuji Pharma agreed on an extension on their exclusive strategic partnership for the commercialization of four biosimilar medicines in Japan. Read more @ https://coherentmarketinsights-cmi.blogspot.com/2020/12/biosimilars-and-impact-of-covid-19.html

A biologic drug (biologics) is a product that is produced from living organisms or contains components of living organisms. Biologic drugs are widely used to prevent, diagnose, treat, or cure a variety of diseases, including infectious diseases, autoimmune disorders, chronic kidney disease, and cancer. Biologics drugs are derived from a wide variety of natural sources such as human, animal, or microorganisms by using biotechnology. Moreover, Biologics include a wide variety of products such as blood and blood components, vaccines, tissues, allergenic, gene therapy, somatic cells, and recombinant therapeutic proteins. Novel therapies and new technologies are emerging to create new biologics, which holds a prominent future for the biologics market. The market is majorly driven by the increasing prevalence of chronic diseases across the globe, growing capital investment by key players, and higher acceptability and increasing demand for innovative therapies. For instance, according to the National Health Council, around 157 million Americans are expected to have more than one chronic disorder by 2020. Moreover, according to the World Health Organization, diabetes, cancer, and cardiovascular diseases account for around 1.6 million, 9 million, and 17.9 million deaths each year, respectively. Read more @ https://coherentmarketinsights-blog.blogspot.com/2020/11/increasing-prevalence-of-chronic.html