America's Benefit Specialist November 2023

HELP YOUR CLIENTS MAXIMIZE THE VALUE OF BIOSIMILARS

By Melissa Andel, MPP CommonHealth Solutions LLC Alexandria, Virginia melissa@commonhealthsolutions.com

Biosimilars—lower-cost versions of branded biologic drugs— have been available in the United States since 2015, but 2023 marked a major turning point for the products as the first biosimilars for HUMIRA® (adalimumab) launched. Not only are biosimilars taking on one of the biggest-selling drugs in the world, but they are also crossing over into the pharmacy benefit space. Are you ready to help your clients maximize the potential of biosimilars in 2024 and beyond? Biologic products—also called biologics or large-molecule drugs—are made from natural and living sources and are usually more complex than other drugs. They have been used for years to successfully treat many chronic and severe con ditions, including chronic bowel diseases, diabetes, macular degeneration, arthritis, kidney conditions and some cancers. 1 Biosimilars are biologic medications that have been reviewed by the FDA and determined to have no clinically meaningful difference from their reference biologic product. Interchangeable biologic products are biosimilars that have met additional standards for interchangeability; a pharmacist

may substitute an interchangeable biologic for a reference product without the intervention of the prescriber. Like all approved drugs, the FDA monitors the safety and effective ness of biosimilars and interchangeable biologic products after approval. 1 The FDA approved the first biosimilar in 2015. Thirty-six are commercially available as of August 2023. 2 Biosimilars are reducing costs for payers and patients: The introduction of biosimilars have saved payers and patients almost $24 billion, not only by offering a lower-cost option, but also by pres suring manufacturers of branded biologics to reduce their prices. 3 Perhaps most important, biosimilars are expanding patient access to needed therapies: A recent report estimates that biosimilars are responsible for delivering 344 million days of patient therapy that would not have occurred without biosimilar competition. 3 The future of biosimilars is also bright: A total of 10 mole cules are expected to gain biosimilar competition between 2023 and 2027, with a cumulative projected sales impact of

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