The cost burden created by high price of branded oncology drugs is one of the major challenges faced by the global community. Furthermore, the inability of a large proportion of the population to afford them is impacting the pharmaceutical market. The skyrocketing prices of existing and newer cancer drugs are making it hard for the people to access them. Due to this fact and lack of insurance/private funds, many cancer patients are forced to do without treatment.
So in order to deal with this challenge, several pharmaceutical companies around the world are embracing the way of launching generic versions of the major branded cancer drugs. According to the report by RNCOS, named, “Global Cancer Generics Market Forecast to 2022” in order to excel in this field of cancer generics, pharmaceutical companies are forming strategic collaborations.
Recently, ScinoPharm Taiwan and Coland have formed a strategic partnership in order to develop a series of generic oncological drugs for China. This partnership would ultimately strengthen R&D for the anti-cancer drug market in China. Similarly, India’s Strides Acrolab and Eli Lily have also joined hands to distribute and manufacture generic cancer drugs to expand their presence in the developing markets.
Similarly, Glenmark Pharmaceuticals entered into a strategic development, license and commercialization agreement with Particle Sciences, Inc. to develop and market a generic version of Celgene’s Abraxane. This drug is used for the treatment of non-small cell lung cancer, pancreatic cancer and breast cancer. As per the terms of the agreement, Glenmark has obtained global exclusive marketing and distribution rights of the product upon commercialization.
Pharmaceutical companies are now focusing on increasing their product portfolios in the generic segment. Smaller companies, in particular, are aiming to formulate ventures with big pharma companies for making generic versions that will help them gain market share.
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