The ‘Remarkable’ Rise of Biosimilar Drugs

“Will 2021 be another break-through year for biosimilars?” asks Forbes in an article this month.

Written by healthcare analyst Joshua Cohen Pd.D., the article discusses the rising use of biosimilars which he calls “remarkable.”

“The latest data show that physician-administered biosimilar drugs are successfully displacing their reference biologics,” Cohen writes. “Newer biosimilars are being adopted faster than before, due in large part to declining prices.”

Biosimilars are sometimes confused with generic drugs. Though there are similarities, chiefly in that they have the same clinical effect as the more costly brand name formulations, the difference is that biosimilar drugs are highly similar, but not identical to the brand names. The other difference is that generics are copies of synthetic drugs, while biosimilars are based on drugs developed using living organisms such as bacteria, animal or plant cells.

Like generics, biosimilars are significantly less expensive than the brand name counterparts. These original drugs are referred to as “reference” or “originator” products.

As the chart prepared by the Drug Channels Institute shows, the market share of some of the newest biosimilars is growing rapidly.

Their use would increase even more rapidly, writes Cohen, if the Food and Drug Administration granted biosimilars interchangeability status. A biosimilar product that meets the requirements of the Biologics Price Competition and Innovation Act will be given interchangeable approval, meaning a pharmacy can substitute it for the original, brand name without the involvement of the prescribing doctor.

Currently, that’s one of two big obstacles to biosimilar sales. Doctors must specifically prescribe the biosimilar. Most do not out of habit, familiarity with the existing brand name and because so many health plans do not cover biosimilars.

As Adam J. Fein, PhD, CEO of the Drug Channels Institute, explains, “biosimilars are often not preferred over reference products at many of the largest U.S. commercial health plans. Physician preferences can slow adoption, too. A 2019 survey found that a majority (61%) of oncology physicians still prefer not to use biosimilars, use them only for supportive care, or prefer not to switch patients.”

Congress is expected to act next year on a bill with bipartisan support that incentivizes the use of biosimilars by changing the reimbursement formula for brand-name drugs and biologics, Cohen says. Since most biosimilars are physician-administered, improving the reimbursement rate is hoped to be enough of an incentive for doctors to make the switch.

One estimate from the Wall Street analyst firm Bernstein Research puts the annual savings from the use of biosimilars at $6.5 billion.

Calling 2020 an “inflection point,” Fein says, “The biosimilar market is finally beginning to fulfill its promise.”

Photo by Kendal on Unsplash

View Post

How Wellness Initiatives Can Strengthen Your Workforce
General Interest Green Key News Leadership + Management Worklife

How Wellness Initiatives Can Strengthen Your Workforce

#WeAreGreenKey: Spotlight on Alexis Schumacher
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Alexis Schumacher

Women in Leadership at GKR
General Interest Green Key News Leadership + Management Worklife

Women in Leadership at GKR

Spain Becomes First European Country to Offer Paid Menstrual Leave
General Interest Green Key News Human Resources Worklife

Spain Becomes First European Country to Offer Paid Menstrual Leave

Green Key Unlocked: Benefits of Travel Nursing
General Interest Green Key News Healthcare Worklife

Green Key Unlocked: Benefits of Travel Nursing

How to Maintain Culture in Remote Environments
Architecture + Engineering General Interest Green Key News Worklife

How to Maintain Culture in Remote Environments

Tips to Strengthen Time Management
General Interest Green Key News Leadership + Management Worklife

Tips to Strengthen Time Management

#WeAreGreenKey: Spotlight on Katie Kressel
General Interest Green Key News Human Resources Leadership + Management Professional Support Worklife

#WeAreGreenKey: Spotlight on Katie Kressel

Workplace Trends 2023
General Interest Green Key News Human Resources Leadership + Management Worklife

Workplace Trends 2023

#WeAreGreenKey: Spotlight on Jason Kien
Accounting + Finance General Interest Green Key News Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Jason Kien

How to Use ChatGPT to Build a Resume
General Interest Green Key News Information Technology Marketing Technology Worklife

How to Use ChatGPT to Build a Resume

Green Key Unlocked: Data Roles in IT
General Interest Green Key News Information Technology Worklife

Green Key Unlocked: Data Roles in IT

The New Marketing & Sales Team
Marketing Technology

The New Marketing & Sales Team

#WeAreGreenKey: Spotlight on Matt Schirano
General Interest Green Key News Information Technology Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Matt Schirano

Green Key Unlocked: The Effect of Tech Layoffs
General Interest Green Key News Information Technology Leadership + Management Worklife

Green Key Unlocked: The Effect of Tech Layoffs

How to Prepare for a Recruiter Interview with a Staffing Agency
General Interest Green Key News Human Resources Leadership + Management Worklife

How to Prepare for a Recruiter Interview with a Staffing Agency

5 Ways to Make Your Job More Meaningful
General Interest Green Key News Worklife

5 Ways to Make Your Job More Meaningful

Minimum Wage Increases in 2023
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Legal Support Marketing Technology Pharma Professional Support Worklife

Minimum Wage Increases in 2023

2023 Recruitment Trends
General Interest Green Key News Human Resources Leadership + Management Worklife

2023 Recruitment Trends

#WeAreGreenKey: Spotlight on Carissa Iacona
General Interest Green Key News Marketing Technology Worklife

#WeAreGreenKey: Spotlight on Carissa Iacona

Latest Blog Posts
View All Posts
How Wellness Initiatives Can Strengthen Your Workforce

How Wellness Initiatives Can Strengthen Your Workforce

Establishing an inclusive culture and focusing on employee health can boost productivity, encourage teamwork, and increase better communication.
Read More
#WeAreGreenKey: Spotlight on Alexis Schumacher

#WeAreGreenKey: Spotlight on Alexis Schumacher

Her natural ability to communicate, along with some professional experience in public relations and outreach, has allowed her to flourish...
Read More
Women in Leadership at GKR

Women in Leadership at GKR

Although being a woman in a leadership role comes with its challenges, those at Green Key also note the feelings...
Read More