The BRICS+ aim, with their new initiative, to lower prices for a certain category of medicines.
Indeed, the BRICS+ countries have thought about a regulatory regime that will shake up the market for biological and biosimilar drugs.
The stakes are considerable. And for good reason, biological drugs can reach astronomical prices, sometimes exceeding $3 million per dose.
Faced with these prohibitive costs, biosimilars are emerging as a promising alternative, offering spectacular price reductions ranging from 70 to 90%, while maintaining comparable therapeutic efficacy.
The BRICS+ Competition Law and Policy Center, attached to HSE University, has also highlighted the urgency of eliminating the regulatory obstacles that are currently hindering the development of this market.
It should be noted that this approach is not intended to create a single market, but rather to establish a balanced competitive ecosystem, where regulatory requirements serve their true purpose: ensuring patient safety without becoming protectionist tools.
India is already positioning itself as a pioneer in this transformation, with an impressive portfolio of 90 registered biosimilars, double that of the United States.
This advance could serve as a model for a pilot project within BRICS+.
The prospects are particularly encouraging: according to experts from the Institute of Chemical Technology in Mumbai, this collaboration could lead to a drastic reduction in production costs, exceeding 90% for certain essential molecules.
As a reminder, the global market for biosimilars is estimated to reach $100 billion by 2030. This represents a major opportunity for BRICS+ countries.
The next stage of this project will be the presentation of the results of the sectoral study at the meeting in Kazan in March 2025.
