WASHINGTON D.C. (April 1, 2022) – A new study from HHS’ Office of the Inspector General (OIG) finds increasing biosimilars use would result in “significant spending reduction” for Medicare Part D and its beneficiaries.
According to OIG, greater biosimilar use between 2015 and 2019 could have saved seniors 12-22% and reduced Medicare spending by 18-31%, said Biosimilars Council Executive Director Christine Simmon.
But many plan formularies did not include biosimilars and those that did provide coverage didn’t use tools to encourage the use of biosimilars instead of the higher-cost brand biologic.
The results are clear: Biosimilars save money. HHS should prioritize patients’ access to affordable and effective biosimilars.
AAM is driven by the belief that access to safe, quality, effective medicine has a tremendous impact on a person’s life and the world around them. Generic and biosimilar medicines improve people’s lives, improving society and the economy in turn. AAM represents the manufacturers and distributors of finished generic pharmaceuticals and biosimilars, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals are 90 percent of prescriptions dispensed in the U.S. but only 18 percent of total drug spending.
About the Biosimilars Council
The Biosimilars Council, a division of the Association for Accessible Medicines (AAM), works to ensure a positive environment for patient access to biosimilar medicines. The Biosimilars Council is a leading source for information about the safety and efficacy of more affordable alternatives to costly brand biologic medicines. Areas of focus include public and health expert education, strategic partnerships, government affairs, legal affairs and regulatory policy. More information is available at www.biosimilarscouncil.org.