According to IMS Health, increased penetration and acceptance of biosimilars in Europe and in the United States can result in $110 billion in total savings to the 2 healthcare systems.
Biosimilars were expected to flood the market in the United States following the approval of Zarxio…but it was not to be. This first biosimilar product took nearly 6 months to reach the market following FDA approval, due to several failed legal efforts by Amgen, the manufacturer of the reference product. However, if IMS Health’s analysis holds true, this is soon to change. The company released a report that predicts increased penetration and acceptance of biosimilars in Europe and in the United States, resulting in $110 billion in total savings to the 2 healthcare systems.
The report, Delivering on the Potential of Biosimilar Medicines: The Role of Functioning Competitive Markets, found that by 2020 biosimilars will compete with their reference biologicals whose current annual sales are about $50 billion. While Europe has already seen widespread use of biosimilars for the past several years, policy and implementation approaches have varied. The report suggests that the United States might need efforts to educate stakeholders as well as offer incentives to boost their uptake.
The following are key findings of the report:
Growth of the biosimilar marketplace, according to IMS Health, will be receive a significant boost via educating patients, physicians, and payers, and by providing incentives to physicians and manufacturers.