Over the years, highly-complex, biology-based “specialty medicines” have revolutionized treatment across multiple conditions. Yet their costs continue to rise. By 2024, of the estimated $1 trillion of global spending on medicines, it is expected that 40 percent will be dedicated to specialty medicines.
Since 2010 we have been focused on creating high-quality biosimilar treatments to give providers the power of choice. Biosimilars are for use in place of existing, branded biologics. They establish competition into the U.S. healthcare system, giving patients access to lifesaving therapies and providers choice with equivalent quality.
As biosimilars continue to enter the market and more providers realize the power of choice, projected annual savings in the United States are expected to top $100 billion in the 2020 to 2024 time period. Savings will benefit a range of stakeholders in the short term, with patients, payers, and taxpayers seeing potential long-term benefits.
References:
1 https://www.biospace.com/article/iqvia-report-spending-on-drugs-globally-to-exceed-1-1-trillion-by-2024/#:~:text=One%20important%20finding%20from%20the,over%20the%20past%20five%20years.
2 https://www.beckershospitalreview.com/pharmacy/global-spending-on-drugs-expected-to-surpass-1-trillion-in-4-years.html#:~:text=Specialty%20drugs%20are%20expected%20to,previous%20five%20years%2C%20STAT%20reported.
3 https://www.centerforbiosimilars.com/view/biosimilars-market-is-ripe-for-cost-savings
