Joseph P. Fuhr, Jr, PhD, professor emeritus, Widener University, discusses the impact that biosimilars will have on the healthcare industry.
Transcript (slightly modified)
How will biosimilars impact our healthcare industry?
One of the issues about biosimilars is that they’re taking away the monopoly of a biologic. Now, there is a lot of money that is spent in terms of biologics and in terms of research and development. So they need to get a fair return on their investment. So what we have here is the issue of allowing for innovation, which then will increase consumer welfare—people benefit from these drugs—and at the same time allow for access to consumers but also allow for innovation of new drugs that will benefit society. One of the things that we see that is different from the generic market in the biosimilar market is that many of the brand-name companies are actually getting into the biosimilar market, so we’ll see competition more like brand-to-brand than we see brand-to-generic.
Partnering for Biosimilar Security: India's Role in US Health Care Savings, Supply Chain Stability
May 9th 2024As Indian pharmaceutical companies supplied 4 of every 10 prescriptions in the US in 2022, generating $1.3 trillion in health care savings, a new IQVIA report highlights concerns about supply chain risks and advocates for partnerships to bolster biosimilar security and overall supply chain resilience.
Decoding the Patent Puzzle: Navigating the Legal Landscape of Biosimilars
March 17th 2024On this episode of Not So Different, Ha Kung Wong, JD, an intellectual patent attorney and partner at Venable LLP, details the confusing landscape that is the US patent system and how it can be improved to help companies overcome barriers to biosimilar competition.
Exploring the Biosimilar Horizon: Julie Reed's Predictions for 2024
February 18th 2024On this episode of Not So Different, Julie Reed, executive director of the Biosimilars Forum, returns to discuss her predictions for the biosimilar industry for 2024 and beyond as well as the impact that the Forum's 4 new members will have on the organization's mission.
Global Biosimilar Market Projected to Reach $1.3 Trillion by 2032
April 11th 2024The global biosimilar market is projected to surge from $25.1 billion in 2022 to approximately $1.3 trillion by 2032, with a compound annual growth rate of 17.6%, driven mainly by the increasing prevalence of cancer and the cost-effectiveness of biosimilars, as outlined in a report by Towards Healthcare.