Generic and Biosimilar Drugs Generate a Record $373 Billion for America’s Patients and Healthcare System in 2021
On September 21, 2022, the Association for Accessible Medicines (AAM), the leading trade association for generic and biosimilar manufacturers, released its 2022 U.S. Generic & Biosimilar Medicines Savings Report highlighting the value of generic and biosimilar medicines.
Biosimilars have been available in the United States for more than 5 years, and in Europe for more than 15 years, yet we still see reluctance in the adoption of these drugs.
Biosimilars provide more options for care at a lower cost for patients, but due to Medicare’s perverse incentives, many pharmacy benefit managers and health plans have been slow to prioritize biosimilars, leaving savings on the table.
Currently, 33 biosimilar products have been approved by the FDA, 22 of which have been launched in the United States.
Adoption of biosimilars continues to rise in the United States, but oncologists’ knowledge regarding these agents has not kept pace, according to data presented at the virtual 2021 American Society of Clinical Oncology (ASCO) Quality Care Symposium.
Latest AAM Report Shows Generic and Biosimilar Drugs Saved US Healthcare System $338 Million in 2020
On September 21, 2021, the Association for Accessible Medicines (AAM), the trade association of generic and biosimilar manufacturers, released topline findings from its forthcoming 2021 U.S. Generic & Biosimilar Medicines Savings Report highlighting the value of generic and biosimilar drugs.
Although the role of biosimilars in the treatment of patients with cancer has been under review by payers and providers for several years, there remains conflicting application regarding policy and strategy.
It is estimated that 350 million people worldwide use biologics on a regular basis to treat their medical conditions.
Biologic drugs, which include therapeutic proteins and monoclonal antibodies, are large complex molecules typically manufactured in genetically engineered organisms.
In recent years, biologics have increasingly been used for the treatment and supportive care of patients with various serious illnesses, including cancer.