New report analyzes patient impact of game-changing biosimilars, including the introduction of competing biosimilars for Humira
WASHINGTON — Patients Rising, a non-profit organization advocating on behalf of patients with chronic and rare diseases, today released its special report, The Biosimilars Market in 2023: Important Trends and Milestones for Chronic Disease Patients, which analyzes significant developments in the biosimilar space and the impacts on patient access, affordability, and quality of care.
The report prefaces major biosimilar milestones anticipated in 2023, including the market entrance of six new biosimilars for Humira, the world’s top-selling drug, with the first available next week, January 31. Other milestones include policies within the Inflation Reduction Act that will go into effect to promote biosimilars and reduce drug costs and Supreme Court consideration of biosimilar labeling practices.
“The biosimilar market is expanding, and that is incredibly exciting for the chronic disease community,” said Terry Wilcox, Founder and CEO of Patients Rising. “This should be a game-changer for a lot of patients, but unfortunately they aren’t seeing any savings at the pharmacy counter, because the pharmacy benefit managers and insurers in the middle have taken those savings for themselves.”
The report is informed by a roundtable discussion of healthcare industry experts, including patients, providers, FDA experts, pharmacists, and health economists, and addresses all angles of the biosimilar market. The Biosimilars Market in 2023: Important Trends and Milestones for Chronic Disease Patients also addresses common patient questions and concerns about the safety and effectiveness of biosimilars, patient access and price controls from the Inflation Reduction Act, and the reasons insurers frequently do not allow patients to participate in cost savings generated by biosimilars.
“Biosimilar competition has shown to lower prices, but we enter a new phase where middlemen PBMs will make access and affordability decisions on Humira and competitor biosimilars based on privately contracted rebates and manufacturer price concessions,” said MacKay Jimeson, Executive Director of the Patient Access and Affordability Project at Patients Rising. “2023 will mark several significant milestones for biosimilars. It is critical for patients that public policy and our patent system fosters a thriving biosimilars market, and that patients benefit directly through substantially lower out-of-pocket costs.”