New Report on Biosimilar Market Potential and Challenges

Advancing Access and Affordability: How Biosimilars Benefit Patients and Providers

WASHINGTON, Dec. 17, 2024 /PRNewswire/ -- Biosimilars could lower the cost of treating cancer, autoimmune disorders and other serious conditions if policies allowed patients to access the medications, a new report from Apteka explains.

Since their introduction nearly a decade ago, these medications have offered a safe, lower-cost alternative to biologic medications, providing:

• Significant cost savings: Biosimilars have saved the health care system approximately $25 billion.
• Expanded access: As biosimilars become more available, patients gain access to a broader range of treatments at lower costs.
• Increased competition: Biosimilars create competition that lowers the price of biologic drugs.

However, regulatory and patent barriers, as well as market conditions favoring higher-priced brand drugs, continue to restrict biosimilar growth. Biosimilars make up only 2% to 3% of the biologics market, highlighting the need for policy changes to improve access. According to the report, "86% of brand biologics eligible for biosimilar competition still lack a biosimilar under development, highlighting the need for stronger incentives and market support." Strengthening these incentives will be key to unlocking the full potential of biosimilars. 

It's time for policymakers to act and remove the structural barriers that prevent patients from accessing these medications. "Nurturing the biosimilar market isn't just about near-term savings," the report notes, "it's about ensuring sustainable, long-term access and affordability for patients over the next 50 years."

About the Paper

This report, authored by Jennifer Snow of Apteka LLC, was commissioned by the Alliance for Patient Access and the Biologics Prescribers Collaborative.

About the Alliance for Patient Access

The Alliance for Patient Access is a network of policy-minded health care providers who advocate for patient-centered care. 

SOURCE Alliance for Patient Access