A biotherapeutic product that is highly comparable to a reference biologic medication is referred to as a biosimilar, also known as a follow-on biologic. It has a complicated molecular structure and is made from living organisms or cells. When a biologic drug's patent expires, firms must seek approval from regulatory authorities before beginning production of biosimilars. Biosimilars are medicines that are primarily made up of proteins that are structurally and functionally similar to biological pharmaceuticals. By 2020, the overall yearly savings gained from the consistent use of biosimilars in meeting expanding public health consumer needs is expected to exceed USD 100 billion. Biosimilar drugs are becoming increasingly popular as a way to cut healthcare expenses.