New Report Shows Biosimilars Significantly Lowered Prices of All Biologics
Competition from Biosimilars has Lowered Biologic Prices by Average of almost 56%, up to 150%
WASHINGTON, D.C. – A new report from Xcenda demonstrates how biosimilars are significantly lowering the price of all biologics, or brand name reference biologics. The researchers examined the average sales price of the brand name reference biologics beginning two years before the first biosimilar competitor for each biologic entered the market. They then evaluated trended average sales price (ASP) amounts of the brand name reference biologics when the first biosimilar became available to determine how the introduction of biosimilar competition affects the ASPs for brand name reference biologic.
It is clear, especially with the results of this report, that biosimilar competition lowers drug prices ,” said Meaghan Rose Smith, Executive Director of the Biosimilars Forum. “As the next generation of generics, biosimilars have the potential to significantly save patients and taxpayers money, and increase access to life-saving treatment options.
As of April 2021, the research shows that every brand name originator was estimated to have a higher ASP in the absence of biosimilars competition—with an average estimated increase of almost 56%. One reference product, Remicade, had an estimated ASP that would have been 150% higher, and another, Neulasta, had an estimated ASP almost 100% higher.
What most people fail to realize—and what the report highlights—is that biosimilar competition drives down all prices, so even patients who decide to stay on a brand name reference biologic are still benefiting from biosimilars,” said Smith. “But uptake still remains slow, even with the astounding savings that biosimilars have created. Americans are still in need of bipartisan policy solutions that would increase access and break down barriers to ensure the full potential of biosimilar savings can be realized.