Global Pharmaceutical Market Evolution: From Blockbuster Drugs to Biologics and Biosimilars – A Comprehensive Review

doi:https://doi.org/10.61336/JEEH/26-2-24

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Journal of European Economic History

2026, Volume:7, Issue :2 : 278-299 doi: https://doi.org/10.61336/JEEH/26-2-24

Research Article

Global Pharmaceutical Market Evolution: From Blockbuster Drugs to Biologics and Biosimilars – A Comprehensive Review

Mohit Kumar

Neelam Painuly

Abhishek Agrawal

Dr. Ashutosh Pathak

⁴

Pratibha Malik

⁵

Vishvendra Raj Malik

⁶

Akash Verma

⁷

Assistant Professor, Teerthanker Mahaveer College of Pharmacy, Teerthanker Mahaveer University, Moradabad-244001, U.P

Associate Professor, School of Pharmacy & Research, Dev Bhoomi Uttarakhand University, Naugaon, Dehradun, India

Associate Professor, IITM COLLEGE OF PHARMACY, Murthal, Sonipat;

⁴

Assistant Professor, Department of Pharmacy Practice, Teerthanker Mahaveer College of Pharmacy, Teerthanker Mahaveer University, Moradabad UP

⁵

Assistant Professor, Department of law and legal studies, Teerthanker Mahaveer College of law and legal studies, Teerthanker Mahaveer University, Moradabad UP, India

⁶

Assistant Professor, college of Law I is IIMT university Meerut;

⁷

Assistant Professor, Teerthanker Mahaveer College of Pharmacy, Teerthanker Mahaveer University, Moradabad-244001, U.P.

DOI : https://doi.org/10.61336/JEEH/26-2-24

Abstract

The global pharmaceutical industry has undergone a paradigm shift from the dominance of blockbuster small-molecule drugs to biologics and biosimilars. This transformation is driven by patent expirations, escalating research and development (R&D) costs, advancements in biotechnology, and the increasing burden of chronic diseases. Biologics now constitute a substantial portion of pharmaceutical expenditure, while biosimilars are emerging as cost-effective alternatives that enhance accessibility and sustainability of healthcare systems. This review critically evaluates the historical evolution, economic dynamics, regulatory frameworks, and future prospects of biologics and biosimilars, with a special emphasis on the Indian pharmaceutical landscape. Recent market data (2023–2025) highlight rapid growth in the biosimilars sector, with global expansion supported by regulatory harmonization and technological advancements.

Keywords

Biologics

Biosimilars

Pharmaceutical Industry

Patent Expiry

Biotechnology

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