Pfizer Asks For Biden’s Co-operation To Incentivize Biosimilar Uptake
As Company’s Biosimilars Turnover Grows By Over 80% In Q1
Pfizer is looking for the Biden administration’s co-operation to address the policy issue of affordability and access to biosimilars. In the first quarter, the company’s biosimilars segment grew by 84% on the back of new launches, especially in the US where biosimilars sales nearly doubled.
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Pfizer and Johnson & Johnson have settled long-running US antitrust litigation over claims that contracts and deals for the Remicade brand were set up to dampen competition from infliximab biosimilars.
The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies.
Pfizer has announced plans to put a lid on its biosimilars programs in China, while agreeing the sale of its manufacturing site in Hangzhou.