This year holds a lot of promise for the lifesciences industry in the region. This is not restricted to just pharma or biopharma sectors. It cuts across the entire spectrum of areas including pharma, medical devices and diagnostics, BioIT and healthcare, enzymes players, as well as key technology suppliers and solution providers to the lifesciences companies. BioSpectrum spoke to several industry observers and titans across the region to get their insights and beliefs about the sector. And they are all very bullish and hopeful that this would be a great year for the industry in general. The trends have been highlighted in the cover story in detail. Nevertheless, I would like to summarize the trends in this column for a quick reading.
The pharma and biopharma sectors are expected to do well this year. Cancer therapeutics and drugs, stem cell therapies, self-monitoring devices and wearables, infectious diagnostics, and information and imaging solutions will be some of the key emerging areas in the region. Biosimilars and personalized medicine are the two hot beds now. Another area that is expected to get better attention is the development of orphan drugs.
Another trend that could enhance the biologics and biosimilars opportunity will be the release of final guidance on processes and scientific criteria for approval of biosimilars by FDA in 2015. The guidelines will outline its approach to naming and labeling and clarify its conditions for determining a biosimilar to be interchangeable with its reference biological.
Most of the medical devices companies are expected to increase their focus on software. This is to leverage the technologies around cloud, big data, and Internet of Things. Besides, the thrust for the healthcare side would be on home healthcare and geriatric care.
In 2014, the United States and Chinese signed a successful joint commission on commerce and trade. As part of the agreement a vice-ministerial strategic agricultural innovation dialogue was established. This commitment according to global biotech industry organization, BIO, is intended to synchronize policies -including those dealing with agricultural biotechnology - to encourage innovation in agriculture and ensure that regulatory frameworks are timely, predictable and protect US-China agricultural trade.
The United States and India will work towards cementing the relationship between the two countries. This can lead to better relationship on research and trade and restore confidence in business and IP.
Overall things are looking good for the industry and the investor confidence seems to be going up and the industry will witness more consolidation and launch newer products.