2022 U.S. Generic and Biosimilar Savings Report: Biosimilars Deliver on Their Promise

Wednesday September 21, 2022

The 2022 U.S. Generic and Biosimilar Savings Report, the annual report from the Association for Accessible Medicines and its Biosimilars Council, showed once again that biosimilar medicines are critical to lowering drug prices for patients and the health care system. Featuring data from IQVIA, the Savings Report found significant year-over-year growth in savings and increased treatment options for patients, highlighting how biosimilars are delivering on their promise.

Here are key findings from this year’s savings report.

$7 billion: Savings generated from biosimilars in 2021.

  • This represents consistent growth in biosimilar savings year-over-year. As more biosimilars become available and accessible, exponential savings growth will only continue.

$13.3 billion: Total biosimilar savings since 2015.

  • Since the first biosimilar approval in 2015, savings have grown as new products have come to market. Click here for an up-to-date list of all FDA-approved biosimilar medicines.

150 million: Days of additional patient therapy because of biosimilars.

  • The number of patients relying on biosimilars continues to grow. Since 2015, biosimilars have been used in 364 million days of patient therapy. And most importantly, overall patient access to therapy increased as a result of biosimilars. IQVIA found that overall use of the molecule increased by 150 million days of therapy greater than what would have occurred without biosimilar competition. This means that more patients received therapy due to the availability of biosimilars. If you are a patient with questions about biosimilar medicines, visit our Biosimilars Patient Resource Center.

In addition, biosimilars have resulted in lower spending for the treatment of cancer, and are projected to dramatically reduce spending growth for medicines that treat autoimmune conditions beginning in 2023 and 2024.

AAM and its Biosimilars Council release this report annually to remind patients, taxpayers, medical professionals, and policymakers of the powerful benefits of biosimilar medicines. To ensure these savings continue to grow, we must keep fighting for a more favorable market and regulatory environment for biosimilars. View our biosimilars advocacy page to learn how you can advocate for better biosimilars policy.

For more in-depth information on how biosimilars are delivering real savings, download the full report below.

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October 21–23, 2024 | Rockville, MD

GRx+Biosims™ 2024 is the leading regulatory science and policy event for the U.S. generics and biosimilars industry. Access the most recent information straight from experts at the Food and Drug Administration, grasp the latest policies shaping the industry, and acquire valuable insights to propel your professional development.