New research from the RAND Corporation research institute published this month, believes the introduction of biosimilar versions of complex biologic drugs to treat illnesses such as cancer and rheumatoid arthritis could cut US spending on biologics by $44 billion over the next decade.
The global market for biosimilars is predicted to expand 20-fold in the next five years, with sales last year of $1.3 billion expecting to explode to $35 billion by 2020.
Biologics have advanced medical treatment for many conditions, but they are often expensive and patient copayments for some can be several thousand dollars a year, says the study,
In the USA alone, in 2011 eight of the 20 top-selling drugs were biologics and annual spending on them grew three times faster than other prescription medicines. According to RAND’s research, while biosimilars are unlikely to produce as dramatic savings as an earlier generation of less-complex generics, their introduction is expected to increase competition and drive down prices, resulting in savings for patients, healthcare payers and taxpayers.
Client-Pharma has been actively involved in sourcing and supplying the biosimilars market for a number of years, and has seen a 55% increase in our distribution globally. Over this period there has been a huge shift in the way drugs are being developed, manufactured, and delivered. Our customers are choosing Biosimilars so as to offer patients the latest treatments in geographies where brand-name medicines are not yet available or where the cost of providing those treatments is prohibitively expensive.
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