The biosimilar category holds incredible promise, and the market for these products is on an upward trajectory. But it’s been a long journey and biosimilars have faced hurdles at every progression point.
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Five years ago, there were only a handful of manufacturers willing to take the risk and get in the game. Look at biosimilars now in the pipeline and studies in progress and you can see legacy brand manufacturers like Pfizer and Amgen, as well as generic manufacturers like Sandoz and Amneal, building biosimilar programs.
The fundamentals are now in place for a market economy to work and create value. We have seen the presence of biosimilars help keep a lid on innovator list price increases.
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If regulators, payers, and manufacturers pave the way for increased competition, the U.S. could decrease direct spending on biologics by $54 billion through 2026.
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Biosimilar competition could increase access to both biosimilars and biologics for 1.2 million patients by 2025. It’s time that payers recognize the benefits of biosimilars and evaluate fair reimbursement and coverage for these products.
Payers should help create an even playing field for these products. More of them on the market provide physicians with more options to make the best clinical decisions for their patients.
