Savings Report Shows the Value of Biosimilars for Patients with Cancer

Tuesday October 25, 2022

Each year, more biosimilars continue to reach new patients, delivering greater savings to them, taxpayers, and the American healthcare system. This month, as we come together to raise awareness about the impact of breast cancer, patients and healthcare providers should be encouraged by the record that biosimilars have accrued in reducing the cost of cancer care for patients and their families while increasing their access to the medications they need.

In 2021, the use of biosimilars and generics helped provide more than $7.8 billion in savings to breast cancer patients. More broadly, biosimilars helped generate more than $17 billion in oncology savings in 2021, with the latest wave of oncology biosimilars delivering more than $2.4 billion in savings. These recently launched medicines are used in the treatment of brain, breast, cervical, colorectal, kidney, lung, and stomach cancers, as well as Leukemia and non-Hodgkin Lymphoma. These biosimilars provide equally effective, lower cost treatment options for patients battling these diseases.

The 2022 U.S. Generic and Biosimilar Medicines Savings Report illustrates how biosimilars are reducing costs and increasing access. Since 2019, biosimilar competition has cut oncology spending growth in half. View our latest one pager for an in-depth look at how biosimilars are helping cancer patients.

biosimilars reduce growth rate of cancer spending

These savings provide essential relief to patients and families facing a life-altering diagnosis. For example, Akaimi was prescribed treatment for large granular lymphocytic leukemia. At the suggestion of her oncologist, she switched to a biosimilar and immediately saved money, with her copayment falling to $25, down from the hundreds with the brand biologic.

During Breast Cancer Awareness Month and throughout the year, the Biosimilars Council works to elevate testimonials from Akami and others patients, and share educational information and resources. This information about the safety and efficacy of biosimilars helps patients and their families make informed decisions about their care. Whether you are a survivor, patient, or healthcare provider, we encourage you to support this effort and help ensure patients are confident in their use of biosimilars by sharing your biosimilars story.

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About the Biosimilars Council

The Biosimilars Council, a division of the Association for Accessible Medicines (AAM), works to ensure a positive environment for patient access to biosimilar medicines. The Biosimilars Council is a leading source for information about the safety and efficacy of more affordable alternatives to costly brand biologic medicines. Areas of focus include public and health expert education, strategic partnerships, government affairs, legal affairs and regulatory policy. More information is available on our about page.

About AAM

AAM is driven by the belief that access to safe, quality, effective medicine has a tremendous impact on a person’s life and the world around them. Generic and biosimilar medicines improve people’s lives, improving society and the economy in turn. AAM represents the manufacturers and distributors of finished generic pharmaceuticals and biosimilars, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals are 90 percent of prescriptions dispensed in the U.S. but only 20 percent of total drug spending.

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The Council is involved in a number of events that focus on advancing biosimilars in the United States. Click on one below to learn more:

 

Register Now! November 7-9 | North Bethesda, MD

GRx+Biosims is the premier scientific and regulatory event for the generics and biosimilars industry. This year’s conference will be held in-person for the first time since 2019!

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