Biosimilars: Safe, effective treatment options that lower the cost of prescription drugs

With a number of new medicines expected to launch that will have a significant impact for patients across new disease areas, 2023 will be a milestone year for biosimilars.

Reducing the high cost of prescriptions that both employers and employees pay at the pharmacy is no easy task. Demographic changes and the increase of available pharmaceutical solutions is driving up prices. However, the use of generic and so-called biosimilar drugs can help. While generics use identical ingredients to their FDA-approved brand-name cousins, biosimilars, while not using identical ingredients, have been shown to work the same in the body.

A report from McKinsey & Co, entitled “An Inflection Point for Biosimilars,” says global sales topped $15 billion in 2020, representing a compound annual growth rate of 56% since 2015. They further state that the market is set to continue its double-digit growth, doubling in size to more than $30 billion by 2025, and over $60 billion by the end of the decade,