The Challenging Future of the Biosimilars Market
The case for biosimilars in the Unites States surrounds factors that drive today's health care system: safety, therapeutic efficacy, and affordability. Since 2007, the European Union (EU) has been able to maintain a steady growing biosimilar market. It has already resulted in substantial cost savings in Europe, with estimates predicting savings of up to EUREUR33.4 billion by 2020. Although the experiences in the EU market do not directly predict the outcome in the United States, they may be taken into consideration. It is safe to say that the biologics market in the United States is a rapidly growing market. According to a 2014 analysis performed by the Rand Corporation, biosimilars are expected to result in a US$44.2 billion reduction in biologic spending between 2014 and 2024. The 2015 Global USA Biosimilar Market Analysis predicts that the United States will become the largest biosimilar market in the world. Market opportunities are available to drug manufacturers who produce the products. However, the innovative progress is clouded by the obstacles that may affect or even discourage the implementation of biosimilars into drug formularies throughout the United States.
Journal of pharmacy practice