As prescription drug prices continue to rise, biosimilars emerged to reduce health care spending while increasing patient access to medications. A new report from Apteka LLC demonstrates the benefits biosimilars bring to the U.S. health care system and the policy challenges that keep them from their full potential.
Expanding Access Through Biosimilars
Biosimilars provide safe, effective alternatives to high-cost biologic medications used in treating complex diseases. Over the past decade, biosimilars have saved the U.S. health care system an estimated $25 billion. As lower-cost versions of biologics, biosimilars offer new options for patients and create market competition.
But despite their potential, biosimilars make up only 2-3% of the overall biologics market. Without targeted policy reforms, the report explains, biosimilars may struggle to deliver their promise of expanded access and affordability.
Challenges in the Biosimilar Market
The report outlines barriers that hinder the growth of the biosimilars market, including:
- Regulatory hurdles create long delays before biosimilars can enter the market.
- Market practices that often include exclusive contracting, keeping higher-priced drugs as the preferred choice. This reduced biosimilar uptake and limits savings for both patients and payers.
- Intellectual property challenges, such as patent thickets, delay biosimilar development and complicate the market entry process for manufacturers.
Policymakers could help biosimilars reach their full potential by addressing these barriers. Doing so could significantly reduce health care spending while empowering patients with more affordable options for treatment.
For a closer look at the future potential of biosimilars, explore the full report from Apteka.
