Samsung Bioepis releases 2024 U.S. biosimilar market report
Samsung Bioepis released its Fourth Quarter 2024 Biosimilar Market Report, marking the seventh-edition of the report in the United States. The report provides the latest insights into the U.S. biosimilar landscape, including updated average sales price and wholesales acquisition cost information across 11 molecules, including the newly launched tocilizumab biosimilars.
In this report’s Biosimilar Deep Dive section, it features a survey from 20 payers and pharmacy benefit managers which highlights different biosimilar adoption strategies that payers and PBMs have implemented for each line of business (LOB; Commercial, Medicaid, and Medicare) and what can be done to further optimize biosimilar benefits.
[Read more: AAM report: Generics, biosimilars generate $445B in savings]
“In this report, we explore the potential savings for stakeholders through the adoption of biosimilars, examine the varying challenges by line of business, and discuss strategies that can maximize these benefits,” said Thomas Newcomer, vice president, head of market access, U.S., at Samsung Bioepis. “Biosimilars have already contributed an estimated $36 billion in savings to the U.S. healthcare market, but there is still significant room for growth. Our hope is that stakeholders will become more familiar with biosimilars and continue to embrace their potential.”
The findings of the report are as follows:
- As of August 2024, adalimumab biosimilar market share has reached 22%, rising 4% since May 2024, highly driven by the uptake of biosimilars through private label brands
- Two tocilizumab biosimilars (vial) entered the market in Q2 2024, one at a WAC discount of -16% ($2,220) and the other with a WAC discount of -26% ($1,960) as compared to the reference biologic ($2,656)
- The company’s Payer/PBM survey finds that pro-biosimilar strategies favoring biosimilars over reference biologics have started to emerge in commercial (74%), yet still lag in Medicare (53%) and state-managed Medicaid formularies (44%).
- Payers cited the role of state and national policy in accelerating biosimilar adoption, such as incentivizing government programs (Medicare, Medicaid) to prefer biosimilars over reference biologics, removing grandfathering requirements that hinder biosimilar conversions and addressing administrative burden on pharmacies and providers by viewing all biosimilars as interchangeable.
[Read more: Challenges continue, but generics companies see a bright future with biosimilars]
To access the full report, please visit here.