U.S. Generic and Biosimilar Medicines Savings Report
Generics and biosimilar medicines deliver more savings every year.
At a moment when policymakers are contemplating measures to reduce drug prices for American patients, AAM’s 2021 U.S. Generic and Biosimilar Medicines Savings Report, featuring data from IQVIA, breaks the savings down by state, age, payer and common medical conditions and more.
Because tens of millions of Americans entrust their health to generics and biosimilars, they saved $338 billion in 2020, and nearly $2.4 trillion in the last decade.
U.S. biosimilars savings totaled $8 billion in 2020 and $133 billion over the past 10 years.
The promise of biosimilars is coming into view,writes Christine Simmon, Executive Director of the Biosimilars Council,but it won’t be fully realized until more policymakers and physicians understand the value proposition of these FDA-approved treatments for acute and chronic conditions.
$338 Billion: U.S. Health Care System Savings
Up from the 2019 analysis which reported $315 billion in generic and biosimilar savings, this figure indicates that the savings have continued for patients and the health system during the COVID-19 pandemic.
90%: Portion of U.S. prescriptions filled by generic drugs
Those prescriptions accounted for only 18% of the country’s spending on prescription drugs. In other words, costly brand-name products account for the bulk of pharmaceutical spending. The generic and biosimilars industry brings costs down.
$6.61: The average generic copay
The amount paid at the pharmacy counter is what matters to patients. High prices can discourage patients from following their prescriptions. Fortunately, 93% of the time, the copay for a generic prescription is under $20. (The average out-of-pocket cost for brand-name drugs is more than eight times higher, $55.82.)
$7.9 billion: Biosimilars savings
To date, the FDA has approved 31 biosimilars across 11 molecules. Twenty biosimilars are on the market, with prices that average 30% less than their reference brand biologic. At least six more biosimilars are scheduled to come to market in 2023. This competition has lowered costs for both the reference products and their biosimilars. Since their introduction, biosimilars have been used in more than 121 million days of patient therapy and have supported almost 10 million incremental days of therapy.
Read more on the Biosimilars Council blog: Biosimilars and Bending the Cost Curve.
$109.6 billion: Medicare savings
Medicare savings on generics and biosimilars is good news for seniors and taxpayers. Medicaid savings came to $53.8 billion in 2020. AAM publishes these findings annually to remind policymakers, health care professionals and advocates and the public of the vital role that safe, effective, FDA-approved generics and biosimilars play in health of our nation.
Take action to secure the future of accessible generic and biosimilar medicines.
- Share your voice and tell lawmakers to protect your access to generic and biosimilar medicines.
- Share your story about why you rely on generics or biosimilars to manage your health.
- Read AAM’s blueprint for a closely connected, diverse and resilient pharmaceutical supply chain.
- Advocate for biosimilars savings.
Social Media Toolkit
Through the pandemic and beyond, generic and biosimilar medicines can offer much-needed health benefits and substantial cost savings. We encourage you to help educate others by sharing this information in your social channels.
Please remember to tag @AccessibleMeds and @BiosimsCouncil in your posts and use #GRxBiosimsSavingsReport to be a part of the conversation.
Graphics for Sharing
According to the 2021 #GRxBiosimsSavingsReport from @acessiblemeds, generic and biosimilar medicines saved U.S. patients and health system $338 billion in 2020. https://bit.ly/AAMSavingsReport @biosimscouncil #generics #biosimilars #patientaccess #affordablemedicines
#Biosimilar access drives savings. https://bit.ly/AAMSavingsReport #GRxBiosimsSavingsReport #biosimilars #affordablemedicines #patientaccess @biosimscouncil
More Suggested Posts
- According to the 2021 #GRxBiosimsSavingsReport from @acessiblemeds, 93% of generics have a copay less than $20. https://bit.ly/AAMSavingsReport #generics #genericmedicines #patientaccess #affordablemedicines
- According to the 2021 #GRxBiosimsSavingsReport from @acessiblemeds, generics account for 90% of all prescriptions but only 18% of total Rx spending. https://bit.ly/AAMSavingsReport #generics #genericmedicines #patientaccess #affordablemedicines
- According to the 2021 #GRxBiosimsSavingsReport from @acessiblemeds, #biosimilars are bending the oncology drug spending curve and are expected to do the same for autoimmune disease in coming years. https://bit.ly/AAMSavingsReport @biosimscouncil
- #Biosimilar medicines are projected to provide $133 billion in savings by 2025. https://bit.ly/AAMSavingsReport #GRxBiosimsSavingsReport #biosimilars #affordablemedicines #patientaccess @biosimscouncil