Biosimilars Poised to Save Billions in Health Care Spending

Although biosimilar drugs are poised to save billions in health care spending, hesitancy remains around their uptake. In addition to provider and patient education, decision makers need to understand the financial implications of these therapies.

“Helping the administrative staff…understand the financial value of biosimilars to their institution is also a key area where pharmacists can really show value and show that there are opportunities that may be beyond what meets the eye for savings,” said Fran Gregory, PharmD, MBA, vice president of emerging therapies at Cardinal Health.

In the 2024 Cardinal Health Biosimilar Report,¹ Gregory noted that US health care spending in 2022 reached $4.5 trillion, $252 billion of which was spent on biologic therapies. “When I think about the positive impact new treatments are having on patients, I also consider their potential impact on the health care economy,” Gregory wrote.¹ “With biosimilars, that impact is key to creating a balance between spending on leading-edge treatments and finding the necessary savings to reduce the overall financial burden on the health care system.”

Gregory sat down with Drug Topics at AXS24, the Asembia Specialty Pharmacy Summit, held April 28 to May 2 in Las Vegas, Nevada. Click here for more of our coverage from AXS24.

Reference

1. 2024 Biosimilars Report. Insights on a pivotal year of evolution and expansion. Cardinal Health. Accessed May 1, 2024. https://www.cardinalhealth.com/content/dam/corp/web/documents/Report/cardinal-health-2024-Biosimilars-Report.pdf