Kashyap Patel, MD, Medical Oncologist, Carolina Blood and Cancer Care, discusses the potential impact of biosimilar drugs on Medicare Part D drug pricing.
Transcript:
What would be the impact of biosimilars on Part D drug pricing?
So right now, our country is facing a drug price explosion. There’s been a couple of areas where it’s growing fastest—the hematological space, where we’re growing about 12.9% per year in terms of cost, and in the oncologic space, [which is] growing at 4.9%. So, we don’t have infinite resources, and at some stage, the system with either implode, or we have to look at drug pricing. Biosimilars do have a role. They can help in reducing some of the additional escalation of the expenses. When we go back and look at the European experience, in Europe, in 10 years’ time, drug prices have dropped by about 30% compared to the reference product. So clearly biosimilars do have a significant role that they can play in the Part D drug pricing space, and they also improve access as well, so biosimilars have a very valid and legitimate space in becoming part of the solution for Part D prices.
Samsung Bioepis Report Showcases Adalimumab Biosimilar Growth in Market Share
October 11th 2024Adalimumab biosimilars have seen a significant increase in market share, from 2% in early 2024 to 22%, as payers and pharmacy benefit managers begin to prioritize these biosimilars over the reference product, Humira.
Biosimilars in America: Overcoming Barriers and Maximizing Impact
July 21st 2024Join us as we explore the complexities of the US biosimilars market, discussing legislative influences, payer and provider adoption factors, and strategies to overcome industry challenges with expert insights from Kyle Noonan, PharmD, MS, value & access strategy manager at Cencora.
Biosimilars Oncology Roundup for June 2024—Podcast Edition
July 7th 2024On this episode of Not So Different, we review biosimilar news coming out of June, with clinical trial results from conferences and a study showcasing how to overcome economic and noneconomic barriers to oncology biosimilars.