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%.