(image: Korea Bizwire)
INCHEON, Korea, April 17 (Korea Bizwire) — Samsung Bioepis Co., Ltd. today released the first edition of its Biosimilar Market Report which explores latest market trends for all biosimilars commercially available in the United States. The first quarterly report details the most recent price trends of all molecules for which biosimilars have launched, along with insights into interchangeability of biosimilars.
“The first edition of Biosimilar Market Report from Samsung Bioepis reveals that market competition stimulated by the introduction of biosimilars in the US has contributed to significant price reductions in the biologics market. However, the level of biosimilar usage varies by molecule, with some still taking less than 50% of the market share. This indicates that there is still room for greater cost savings in therapeutic areas such as supportive care, immunology, and ophthalmology,” said Tom Newcomer, Vice President, Head of Market Access, US, at Samsung Bioepis. “Biosimilars continue to play a crucial role in driving down healthcare costs in the US and we hope this report provides an insightful context into the forefront of the US biosimilar market landscape,” he added.
The key findings of the Report are as follows:
- Increased biosimilar usage is correlated to lower cost, with oncology (trastuzumab, bevacizumab, rituximab) biosimilars being more price sensitive than supportive care (filgrastim, pegfilgrastim, epoetin alfa) or immunology (infliximab).
- On average, biosimilars gained 53% market share three years after their initial launch. Oncology and pegfilgrastim have seen faster acceptance (75%) of biosimilars compared to other therapeutic areas.
- Biosimilar launches have led to significant price decreases over time. ASPs declined 41% on average three years after first biosimilar launch. ASPs for oncology biosimilars experienced the steepest decline, with each dropping over 50% in the first three years after biosimilar launch.
- Insulin glargine and adalimumab categories reflect recent pricing practices such as unbranded biologics and high/low wholesale acquisition cost (WAC) options. The report analyzes national average drug acquisition costs (NADAC) for products under the pharmacy benefit, whose findings indicate the potential for deep discounts and savings in insulin and adalimumab classes.1
Going forward, Samsung Bioepis Biosimilar Market Report will be published every quarter after the Center of Medicare, Medicaid Services (CMS) publishes updated ASP values for each product. To access the full report, please visit https://www.samsungbioepis.com/upload/attach/SB+Biosimilar+Market+Report+Q2+2023.pdf.
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, and endocrinology. For more information, please visit: www.samsungbioepis.com and follow us on social media – Twitter, LinkedIn.
References:
1 There is no ASP data publicly available for products under the pharmacy benefit, so NADAC was used to analyze the net price of products under the pharmacy benefit.
MEDIA CONTACT
Anna Nayun Kim, nayun86.kim@samsung.com
Jane Chung, ejane.chung@samsung.com
Source: Samsung Bioepis via GLOBE NEWSWIRE
