A biosimilar drug is a biological product that comes from living organisms (i.e., humans, animals, and microorganisms). Biosimilars are not identical to brand-name counterparts and are not made from synthesized chemicals, unlike generic drugs. It’s noteworthy that biologics and biosimilars have the same strength, dosage, potential side effects, and same treatment benefits.
At this time, more than 40 biosimilars have been approved by the Food and Drug Administration, though not all are commercially available at this time.
The potential of biosimilars
Health care costs are high, and many employers are seeking ways to mitigate these effects. Supplementing biologics with biosimilars is a potential way to save money and increase access to necessary medications.
The Biosimilars Council predicts that 1.2 million individuals, as a direct result of the availability of biosimilars, will have access to more affordable biologic medicines by 2025. This will greatly impact women, individuals of lower income, and elderly individuals.
The future of biosimilars
By introducing and educating on biosimilars, legislation aims to increase prescription drug competition and decrease prices. As biosimilars gain popularity, employers should consider their advantages and disadvantages when designing their upcoming benefits plans.
If you have questions on biosimilars or how to save money on prescription drugs, please contact your dedicated Creative Benefits, Inc. team member.