A recent report offers payers’ insights into the U.S. biologics market, and the impact biosimilars will have on it.
With spending on biologics set to reach $100 billion in the U.S. over the next couple of years, biosimilars are seen as a offering potential relief for healthcare system financial pressures of declining resources, increasing demands and expensive new product launches.
Despite the U.S. lagging behind many other developed nations on biosimilar availability, recent activity in the pharma and biotech sectors are certainly gaining the industry’s attention. While just one biosimilar – Zarxio – is FDA approved, it is still under patent litigation and not yet on the market. Meanwhile, five 351(k) submissions are with the FDA for approval and more pharma companies are acquiring biotech labs to position themselves in the biosimilar space.