2023 U.S. Generic and Biosimilar Savings Report: Biosimilars Deliver on Their Promise

Monday December 18, 2023

The 2023 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.

$9.4 billion: Savings generated from biosimilars in 2022.

  • The market for biosimilar drugs continues to expand. The report finds the average sales price for biosimilars is on average 50% less than the reference brand biologic price was at the time of biosimilar launch. Further, competition from biosimilars has reduced the average sales price of their corresponding brand biologic by an average of 25%.

$23.6 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.

694 million: Total days of patient therapy.

  • Since 2015, biosimilars have been used in almost 700 million days of patient therapy with no unique clinical challenges. In fact, biosimilar competition has now supported more than 344 million incremental days of therapy — care that patients would not have received otherwise. 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.

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.