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Dr Joseph Fuhr: Competition from Biosimilars Will Lead to Lower Prices Over Time
Joseph P. Fuhr, Jr, PhD, professor emeritus, Widener University, looks to evidence from Europe to predict US biosimilar cost-savings.
Joseph P. Fuhr, Jr, PhD, professor emeritus, Widener University, looks to evidence from Europe to predict US biosimilar cost-savings.
Transcript (slightly modified)
Will biosimilars generate a significant cost savings in the US?
The discount for biosimilars has been around 15% for the first 2 (products), and this is what happened in Europe in the beginning. In the case of Europe, it has generally been tenders which have resulted in decreases, which are equivalent to our exclusive arrangements. (These arrangements) will develop over time in the US. So far, there’s only 1 biosimilar for a given reference product in the generic market. When only 1 competitor exits, price doesn’t decrease that much, so it is an evolving process. In Norway, where they had a 70% discount, there were 2 biosimilar companies and the originator bidding for the tendered contract. More competition will lead to lower prices, but it will take time for the market to evolve.
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