- This year’s Q4 report newly reflects tocilizumab’s market share and Wholesale Acquisition Cost (WAC) trend analysis after biosimilars launched in Q2
- Biosimilar Deep Dive section presents US biosimilar adoption and associated cost savings, and how payers and pharmacy benefit managers (PBMs) have optimized their biosimilar strategies for each line of business, based on a survey with 20 payers and PBMs
INCHEON, South Korea, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Samsung Bioepis Co., Ltd. today released its Fourth Quarter 2024 Biosimilar Market Report, marking the seventh-edition of the Quarterly Biosimilar Market Report in the United States. The report provides the latest insights into the US biosimilar landscape, including updated Average Sales Price (ASP) and Wholesales Acquisition Cost (WAC) information across 11 molecules, including the newly launched tocilizumab biosimilars. In this report’s Biosimilar Deep Dive section, it features a survey from 20 payers and pharmacy benefit managers (PBMs) which highlights different biosimilar adoption strategies that payers and PBMs have implemented for each line of business (LOB; Commercial, Medicaid, and Medicare) and what can be done to further optimize biosimilar benefits.
“In this report, we explore the potential savings for stakeholders through the adoption of biosimilars, examine the varying challenges by line of business, and discuss strategies that can maximize these benefits,” said Thomas Newcomer, Vice President, Head of Market Access, US, at Samsung Bioepis. “Biosimilars have already contributed an estimated $36 billion in savings to the US healthcare market, but there is still significant room for growth. Our hope is that stakeholders will become more familiar with biosimilars and continue to embrace their potential.”
The new findings of the report are as follows:
- As of Aug 2024, adalimumab biosimilar market share has reached 22%, rising 4% since May 2024, highly driven by the uptake of biosimilars through private label brands
- Two tocilizumab biosimilars (vial) entered the market in Q2 2024, one at a WAC discount of -16% ($2,220) and the other with a WAC discount of -26% ($1,960) as compared to the reference biologic ($2,656)
- Our Payer/PBM survey finds that pro-biosimilar strategies favoring biosimilars over reference biologics have started to emerge in Commercial (74%), yet still lag in Medicare (53%) and state-managed Medicaid formularies (44%). Payers cited the role of state and national policy in accelerating biosimilar adoption, such as incentivizing government programs (Medicare, Medicaid) to prefer biosimilars over reference biologics, removing grandfathering requirements that hinder biosimilar conversions, and addressing administrative burden on pharmacies and providers by viewing all biosimilars as interchangeable.
Samsung Bioepis has been publishing the Biosimilar Market report quarterly since April 2023 to provide the latest market share and price trends of all biosimilars available in the United States, after the Centers for Medicare & Medicaid Services (CMS) publishes updated quarterly ASP values for each product.
To access the full report, please visit HERE.
About Samsung Bioepis Co., Ltd.
Established in 2012, Samsung Bioepis is a biopharmaceutical company committed to realizing healthcare that is accessible to everyone. Through innovations in product development and a firm commitment to quality, Samsung Bioepis aims to become the world's leading biopharmaceutical company. Samsung Bioepis continues to advance a broad pipeline of biosimilar candidates that cover a spectrum of therapeutic areas, including immunology, oncology, ophthalmology, hematology, nephrology, and endocrinology. For more information, please visit: www.samsungbioepis.com and follow us on social media – X, LinkedIn.
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