2021 U.S. Generic and Biosimilar Medicines Savings Report: The Promise of Biosimilars

The 2021 U.S. Generic and Biosimilar Medicines Savings Report, featuring data from IQVIA, proves that the promise of biosimilars is coming to fruition. As patient access to lower-cost biosimilars grew in 2020, savings skyrocketed.

The report breaks savings down by state, age, payer and common medical conditions and provides in-depth data at a moment when policymakers are contemplating measures to reduce drug prices for American patients. Here are key highlights: 

$7.9 billion: Biosimilar savings in 2020

This represents a more than three-fold increase from the 2020 analysis, which reported $2.2 billion in biosimilar savings in 2019. This proves that as more biosimilars launch and uptake rises, savings will rise dramatically.

$12.6 billion: 10-year biosimilar savings

The first U.S. biosimilar was approved in 2011 and launched in 2015. Since then, biosimilar savings have grown exponentially, helping patients treat chronic illnesses at a fraction of the price of brand-name medicines.

50%: The reduction in the growth rate of oncology spending

The first biosimilar oncology medicines launched in 2019, and in just one year, these drugs cut the growth rate of total oncology spending in half, from 18% to 9%. This growth reduction, in addition to continued use of generic oncology drugs, contributed to a total of $18 billion in oncology savings in 2020.

$133 billion: Projected biosimilar savings by 2025

The accelerating pace of biosimilar approvals and market launches will lead to a significant rise in savings for American patients in just a few years. 

30%: The market share of biosimilars.

Despite significant gains since 2015, the 2021 Savings Report shows that biosimilars are still underrepresented in markets where they compete. This highlights the urgent need to find policy solutions that foster a stronger biosimilar market.

AAM and its Biosimilars Council publish these findings annually to remind policymakers, health care professionals and advocates and the public of the vital role that safe, effective, FDA-approved biosimilars play in the health of our nation. 

The real story behind the numbers outlined in this report is the benefit to American patients, who are better able to afford life-saving treatments. The promise of biosimilars is the promise of a better future for all.