Washington, D.C. –April 3, 2023 – Everyone should be able to get the medications they need at a cost they can afford. But drug prices are out of control, and hardworking families feel the consequences every day.
A new AHIP resource highlights how biosimilars offer an effective, lower-cost alternative to a brand name biologic product. In the last 10 years, for example, $36 billion of biosimilar medication spending was associated with $56 billion in savings. And savings from biosimilars are expected to exceed $180 billion over the next 5 years — a more than 4-fold increase from the last 5 years.
“Health insurance providers are committed to supporting a competitive biosimilars market and our industry continues to engage in collaborative efforts to advance the shared goal of more affordable access to prescription drugs and biologics,” said Matt Eyles, AHIP President and CEO.
Thirty biosimilars have been launched in the United States since 2017, with 10 more approved and set to launch by the end of 2023. As more biosimilars hit the market, prices for biologics with biosimilar competitors will continue to decline. List prices for biologic medications with a biosimilar competitor have dropped between 18% and 50% per unit.
Out-of-control prescription drug prices and costs hurt everyone. Americans deserve effective, market-based solutions that deliver real competition, create more choices, and ensure that open and honest drug prices are driven by the value they bring to patients.
AHIP is the national association whose members provide health care coverage, services, and solutions to hundreds of millions of Americans every day. We are committed to market-based solutions and public-private partnerships that make health care better and coverage more affordable and accessible for everyone. Visit www.ahip.org to learn how working together, we are Guiding Greater Health.