After a period of protracted uncertainty, a new report asserts the long-awaited market for biosimilars appears to be taking off in the U.S. and is on track to reduce overall spending on medicines by $100 billion over the next five years.
So far, the 22 biosimilars available in the U.S. have a combined 20% market share, which represents about 16% of all biologic sales, according to the IQVIA Institute for Human Data Science, which issued the report. Notably, the first biosimilar version of Avastin —a widely prescribed cancer medicine — reached 42% of the market in June, just one year after being launched.
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Biosimiliars have come a long way and that’s great news for patients. I can remember when some industry players resisted their introduction. There were even rumors of some industry reps saying biosimiliars would never work.