Biosimilars Forum Says 75% Market Share Could Save US Billions
As AAM Discourages Reducing Incentives For Patent Challenge And Early Generic Entry
The Biosimilars Forum, in partnership with the Pacific Research Institute, has released a report that shows state-by-state cost savings for the US if biosimilars were able to capture a market share of 75%. Meanwhile, the Association for Accessible Medicines has also released its complete 2021 US Generic And Biosimilar Medicines Savings Report, discouraging reducing incentives for patent challenges and early generic entry.
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Biosimilar competition, spurred on by significant losses of exclusivity for major products like Humira, Stelara and Xarelto, will lead to significant cost savings for healthcare systems and patients over the next five years according to a recent report from IQVIA. While these entrants are set to limit growth in the branded pharmaceuticals space, innovation is set to continue driving global spending.
Juliana Reed, who just moved from Pfizer to head the trade group, hopes scientific advances will eventually eliminate the need for the interchangeability designation, but for now the association is educating stakeholders in preparation for the 2023 launch of Humira biosimilars.
The AAM has applauded US proposals to lower drug prices, following the development of the HHS’s 45-day plan in response to president Joe Biden’s executive order on promoting competition. However, AAM chief executive Dan Leonard has criticized Congressional proposals to weaken the 180-day incentive for first generics and curtail patent settlement agreements as “misguided.”