Friday September 1, 2023
Biosimilars allies – as everyone returns from the summer, September marks the beginning of a busy fall for the Biosimilars Council, beginning with the release of our annual U.S. Generic & Biosimilar Medicines Savings Report and concluding with the 2023 GRx+Biosims conference.
We are particularly excited to share our annual savings report. The 2023 edition serves to underscore that both the savings from and importance of biosimilar medicines continues to rise. The report highlights the good news that biosimilars are driving prices lower and expanding patient access while emphasizing that significant challenges threaten the long-term sustainability of the biosimilar market.
In 2022, the increased use of biosimilars generated more than $9.4 billion in savings. Biosimilars have created almost $24 billion in savings since the first biosimilar entry in 2015. More importantly, biosimilars have been used in nearly 700 million days of patient therapy, and IQVIA estimates that biosimilar competition resulted in 344 million more days of patient treatment than would have occurred otherwise. To be sure, biosimilars are delivering on their promise to patients to increase access to medicines and bring savings to a costly marketplace, and the Council is eager to continue its work with stakeholders to support their expansion.
And in Hill activity this month, Representatives Kuster, Miller Meeks, Matsui and Dunn introduced H.R.5461, the Ensuring Access to Lower-Cost Medicines for Seniors Act. This important legislation would ensure that patients have access to new generics and biosimilars, and would encourage head-to-head price competition and lower list prices that would benefit patients, taxpayers and employers alike.
Additionally, I will be testifying on behalf of the Council at the House Committee on Oversight and Government Accountability’s September 19th hearing examining the central role that PBMs play in the prescription drug market.
Finally, if you have not yet registered for our October 2–4 GRx+Biosims conference, we encourage you to do so. The conference is shaping up to be a great opportunity to hear from policymakers and discuss the scientific, regulatory and policy issues that will shape the future of biosimilars.
Thanks for your interest and support of biosimilars. Please do not hesitate to reach out if you have any questions, and we’ll continue to keep you advised on the latest issues facing the biosimilar industry. For up-to-date information, resources, blogs, and research, be sure to check out our website.
-Craig
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