WASHINGTON, D.C. (September 21, 2021) – The Biosimilars Council, a division of the Association for Accessible Medicines (AAM), today announced key findings from the forthcoming 2021 Generic Drug and Biosimilars Savings in the U.S. report, which highlights how greater biosimilar uptake has dramatically reduced oncology spending and generated billions in overall savings.
According to the report, the introduction of oncology biosimilar medicines has cut the growth rate of oncology spending roughly in half since 2019. This reduction in growth, along with continued use of generic cancer medicines, contributed to a total of $18 billion saved on oncology medicines in 2020.
The biosimilar drug market continued to grow in 2020, with three new FDA approvals and six new products launched. Overall, the use of biosimilars generated a total of $7.9 billion in savings for America’s patients last year, bringing the 10-year total savings from biosimilars up to $12.6 billion. Additionally, biosimilars are projected to generate more than $133 billion in savings by 2025.
“America’s patients deserve access to lifesaving medicines at more affordable prices, and biosimilars are making new access to care available for patients,” said Christine Simmon, Executive Director of the Biosimilars Council and Senior Vice President at AAM. “Yet biosimilars were still less than 30% volume share in markets where they competed. As more biosimilars are approved and brought to market, patients and taxpayers will save billions while treating serious illnesses like cancer and Crohn’s disease. The full promise of savings through biosimilar competition will only be realized if policymakers take steps to foster greater biosimilar adoption.”
As in the past, this year’s report was developed by analyzing independent research from IQVIA to quantify how much money American patients and the U.S. health care system are saving because of generic and biosimilar alternatives to brand-name prescription and biologic medications.