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 2022 U.S. Generic and Biosimilar Medicines Savings Report, featuring data from IQVIA, breaks the savings down by state, age, payer, common medical conditions and more.
Because tens of millions of Americans entrust their health to generics and biosimilars, they saved $373 billion in 2021, and more than $2.6 trillion in the last decade.
U.S. biosimilars savings increased to $7 billion in 2021. In the seven years since biosimilars first began to enter the market, they have generated more than $13 billion in savings.
Biosimilars are delivering on their promise of patient access and savings,says Craig Burton, Executive Director of the Biosimilars Council.Thanks to new biosimilar competition, more patients are receiving the pharmaceutical care that they need. Biosimilar prices, and the prices of the brand biologics with which they compete, are going down.
$373 Billion: U.S. Health Care System Savings
Up from 2020, which found $338 billion in generic and biosimilar savings, this figure indicates continued savings for the U.S. health care system, including patients, employers, and taxpayers.
91%: Portion of U.S. prescriptions filled by generic drugs
However, those prescriptions accounted for only 18.2% of the country’s spending on prescription drugs. In other words, costly brand-name products account for the bulk of pharmaceutical spending. The generics and biosimilars industry brings costs down.
$6.16: The average generic copay
The amount paid at the pharmacy counter is what concerns patients. The average copay for brand-name drugs is more than nine times higher at $56.12. Fortunately, 93% of the time, the copay for a generic prescription is under $20 (as compared to 59% of brand-name drugs).
Over $7 billion: Biosimilars savings
The market for biosimilar drugs continues to expand, and as they approach nearly 30% of the overall biologics market. The report finds the average sales price for biosimilars is on average 50% less than the reference brand biologic price. Further, competition from biosimilars has reduced the average sales price of their corresponding reference biologic by an average of 25%.
Read more on the Biosimilars Council blog: Biosimilars Reach More Patients in 2022, Yet Challenges Remain.
$119 billion: Medicare savings
Medicare savings on generics and biosimilars is good news for seniors and taxpayers.
$178 billion: Commercial plan savings
Generics and biosimilars provide critical savings throughout the health care system and are particularly valuable to Medicare and employer-sponsored health insurance and the patients they serve. Despite these savings, many seniors are paying too much for their generics as a result of increasing copays, even when the price of their generic has declined.
3%: Healthcare Spending
Even at nearly 6.4 billion generic and biosimilar prescriptions dispensed, generics represent only 3% of all health care spending.
Savings by State
How much did your state save from generic and biosimilar medicines in 2021? To view a full breakdown of savings and more facts, choose a state in the drop-down menu to download a one-page summary.
Please note: state savings totals are rounded from actual totals.
Savings by Patient Condition
No matter what condition you or your family members are experiencing, generic and biosimilar prescription medicines are saving you money. Savings for allergy and asthma totaled $9.1 billion in 2021 and $66.5 billion for the past 10 years.
We have compiled patient savings for top conditions into Savings by Condition fact sheets with data produced for AAM by IQVIA. In addition to a breakdown of one-year savings and 10-year savings, patients can also see their generic savings for common co-morbidities of each of these conditions.
Download a Savings by Condition Fact Sheet:
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.
- Advocate for biosimilars savings.
Social Media Toolkit
Generic and biosimilar drugs generated a record $373 billion for America’s patients and healthcare system in 2021. Despite the tremendous savings from generic drugs, many patients continue to pay more than necessary.
Please remember to tag @AccessibleMeds and @BiosimsCouncil in your posts and use #GRxBiosimsSavingsReport to be a part of the conversation.
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In 2021 alone, #generic and #biosimilar medicines generated a record $373B in savings for the U.S. healthcare system & nearly $2.6T over the past decade. https://bit.ly/AAMSavingsReport #generics #biosimilars #patientaccess #affordablemedicines #GRxBiosimsSavingsReport
On average, #biosimilar sales prices are more than 50% lower at launch than the price of its brand competitor. #Biosimilars saved $13B since 2015 ($7B in 2021 alone). https://bit.ly/AAMSavingsReport @BiosimsCouncil #GRxBiosimsSavingsReport
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- According to the 2022 #GRxBiosimsSavingsReport from @accessiblemeds, the average copay for #generic drugs in 2021 was only $6.16, while the average copay for brand-name drugs was $56.12. https://bit.ly/AAMSavingsReport #generics #genericmedicines #patientaccess #affordablemedicines
- 91% of the 6.4 billion prescriptions filled in 2021 were for #generics and #biosimilars, however that 91% accounted for only 18% of spending on Rx medicines. https://bit.ly/AAMSavingsReport #GRxBiosimsSavingsReport #patientaccess #drugpricing
- Analysis from AAM’s #GRxBiosimsSavingsReport shows that it takes 3 years for new #genericmedicines to be covered by 50% of #Medicare Rx plans, meaning that #seniors pay more for longer than they should. https://bit.ly/AAMSavingsReport #patientaccess
- Good news for #patientaccess from AAM’s #GRxBiosimsSavingsReport: there are nearly 100 #biosimilar products under development, an almost 50% increase over the last 4 years. https://bit.ly/AAMSavingsReport @biosimscouncil #drugpricing #patientaccess