Market Challenges: Patent expiry of drug

Global bortezomib market growth can be hampered due to patent expiry of the drug. Bortezomib was first approved by the USFDA in 2003 for the treatment of multiple myeloma under the brand name Velcade. However, the patent for Velcade expired in 2020. This paved the way for the entry of several generic versions of bortezomib in the market. The availability of cheaper generic alternatives can bring down the prices of bortezomib therapies. This price decline may reduce the revenues of leading drug manufacturers who have been selling Velcade for years. The expiry of Velcade's patent protection poses a serious revenue and market share threat to these established market players. However, companies are actively working on expanding the approved indications of bortezomib and launching new drug delivery formats to differentiate their products from generics.

Market Opportunities: Emerging Economies in Asia Pacific and Latin America

Emerging economies in Asia Pacific and Latin America can offer market growth opportunities. There has been rise in incidences of blood cancer indications like multiple myeloma in developing nations due to aging population and changing lifestyle trends. In these countries, treatment rates for cancers have been traditionally low due to poor socioeconomic conditions and lack of access to advanced therapies. However, with rising healthcare budgets, greater medical awareness and increasing health insurance penetration, more patients are now gaining access to novel drugs like bortezomib. This presents substantial commercialization possibilities for leading market players. These markets offer the advantage of less stringent regulations and price controls compared to developed markets of North America and Europe. Market players can leverage this environment to establish manufacturing and distribution partnerships with local players in high growth emerging economies.