US Savings Top $338bn In 2020
As Savings Figure Linked To Biosimilars More Than Trebles To $7.9bn
Savings achieved in the US through the use of generics and biosimilars hit a new high in 2020, reaching $338bn, according to new figures released by the AAM.
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The AAM has applauded US proposals to lower drug prices, following the development of the HHS’s 45-day plan in response to president Joe Biden’s executive order on promoting competition. However, AAM chief executive Dan Leonard has criticized Congressional proposals to weaken the 180-day incentive for first generics and curtail patent settlement agreements as “misguided.”
US representatives Kurt Schrader and Adam Kinzinger have introduced the BIOSIM Act to improve access and realize the full potential of biosimilars by encouraging an additional payment for providers when they use a biosimilar cheaper than the reference biologic. AAM and a group of organizations have extended support to the bipartisan bill.
With several biologic molecules opened up to true multi-source competition over the course of 2020, the US biosimilars landscape now looks very different from the start of the year.