New Paper Finds Potential Cost Savings from Adalimumab Biosimilars are Significant but Competitive Market Will Take Time
The Pharmaceutical Care Management Association (PCMA) agrees that biosimilars bring more competition to the prescription drug marketplace, which is critical to lowering costs for patients and families.
In case you missed it, IQVIA Institute held a webinar to present the findings of their recently released report, “Biosimilars in the United States: 2023-2027: Competition, Savings and Suitability.” The webinar included a robust panel of experts in the field discussing the U.S. biosimilar marketplace.
Sameer Awsare, MD, Associate Executive Director, The Permanente Medical Group, emphasized the need to educate physicians, providers, and patients on biosimilars and how increasing the availability of biosimilars will lower costs:
“I believe there are many reasons why biosimilar uptake has been slower in the United States, and I think one of the biggest barriers has really been the lack of education and even misinformation for our patients, physicians, pharmacists, and nurses who are all involved in either giving or getting these biosimilars. However, I do feel optimistic that the U.S. biosimilar market is maturing… The IQVIA report shows that when new biosimilars come on to the market, in the last three years, the market share quickly goes up to 60 percent.”
Alex Brill, MA, CEO, Matrix Global Advisors (MGA), explained how the introduction of a new biosimilar can lead to more competition, which helps lower overall costs over time. Brill discussed adalimumab, brand name Humira, which is finally facing competition this year and noted both the brand and biosimilar adalimumab will compete on price to maintain market share and formulary placement.
Brill recently released a white paper, “Near-Term Expectations for Adalimumab Biosimilars in the United States,” that “explores this long-awaited moment and the expected transition from a monopolistic adalimumab market to a competitive marketplace with multiple biosimilars.” According to the report, “Robust competition is needed to drive down prices, and biosimilar competitors need time to achieve stable, sustainable prices consistent with market demand.”
Read more from PCMA on how greater biosimilar competition can help lower prescription drug costs HERE.