Health Care: Greater Use Of “Biosimilars” Could Save System $7 Billion

From a Health Care Finance News online article:

HealthCare Finance NewsBut greater use of biosimilars could create significantly more savings. If biosimilars obtained a 75 percent market share, less than the share of these medicines in many European Union nations, the resulting annual savings for the U.S. healthcare system could be nearly $7 billion, based on Winegarden’s analysis.

Not all drugs are created the same. Take generics and biologics: The former is a chemical-based medicine whose manufacture is easily replicated, while the latter is created using biological processes.

But there’s another key difference between those two classes of drugs, and it pertains to the financial state of the healthcare industry and to U.S. taxpayer dollars. Stated plainly, biosimilars have the opportunity to bring significant savings to state Medicaid programs and consumers with commercial insurance. That gives them a leg up over their chemical-based counterparts.

To read more: https://www.healthcarefinancenews.com/news/expanding-biosimilars-market-holds-potential-significant-savings-state-medicaid-programs?mkt_tok=eyJpIjoiTTJGbU1qTXpOVFpqTm1WbCIsInQiOiJrU3puNU4xNVB2eTBBVkpwQ3FGaWhYdDJwZEV0M1dlcFRBakNpOFZ5YVYyanpSSk9HeVZCQTBHbjY4ZktFXC82cm9JeWE3S2dUWm5HMXByYTVoOVB6SG9FaWRIWnRta2ZzZUNvN1g2WHVneVNtVEFpT1ZlZjEwWk1KbmFaXC9qN3N2In0%3D

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