The decidedly high efficacy and lower side effects of biopharmaceuticals has made them a high-value market in recent years. The United States holds the distinction of being the single-largest biopharmaceuticals market in the world, but the country’s share will likely shrink as other regional markets become a hotbed of biopharmaceutical innovation. For all the promise that they hold, biopharmaceuticals call for massive investments for industrial-scale production. This gives large pharmaceutical companies in the biopharmaceuticals industry an advantage.
Even so, the breakneck speed at which innovation in the biopharmaceuticals industry is occurring necessitates biopharma companies to step into previously unexplored territory. This can only be achieved if companies are able to build a pool of skilled biopharmaceutical experts. The other challenge that besets biopharmaceuticals companies is that these medicines are regarded as a secondary line of action in treating various diseases. Consumers will, in all likelihood, continue to hold this perception until biopharmaceuticals enter the mainstream. Again, biopharmaceuticals entering the mainstream boils down to not only how efficacious they are, but also whether they carry an attractive price tag.
This uncertainty and lack of awareness shrouding biopharmaceuticals will, however, lift in the next few years. And, backed with their potential to cure diseases that were hitherto thought incurable, biopharmaceutical makers have an exciting and decisive decade ahead.