Are Biosimilars the Answer to Soaring Drug Costs?
Drug costs continue to rise, especially since pharmaceutical companies are still able to set the prices of medications as they choose. For people living with chronic conditions such as rheumatoid arthritis, congestive heart failure, or COPD, these higher costs can lead to worries about how to afford the medications they need to live.
The problem strikes seniors particularly hard because they often have more than one condition that requires medications, and they’re on a fixed income.
To help address this problem, politicians and regulators are putting an emphasis on the development of biosimilar drugs. But what are these types of medications, and can they offer savings you can depend on?
Understanding Biosimilar Drugs
Biosimilar medications are similar (but not identical) versions of biologic medicines that regulatory authorities, such as the FDA or EMA, have already approved. You may also see biologics referred to as reference products.
Biosimilars are derived from organisms or living cells, just like biologics, which means they tend to be more complex than generic, chemically synthesized drugs. Because biologics are so complex, it’s difficult to create exact copies. That’s why biosimilars are not identical to their reference products.
To be approved as a biosimilar drug in the first place, it must have no clinically meaningful difference from its biologic counterpart. Additionally, they must provide the same therapeutic effect and have a comparable safety profile.
Sometimes, biosimilar drugs can be labeled as interchangeable with the reference product. In these instances, a pharmacist can substitute them with the reference product without needing approval from a doctor.
What Conditions Are Biosimilars Used For?
Biosimilars are currently used to treat a range of chronic and serious illnesses. If you’ve been prescribed medications like Humira, Enbrel, Remicade, Neulasta, or Avastin, there may be a biosimilar alternative already available or coming soon. Some conditions that have biosimilars are:
- Rheumatoid arthritis
- Psoriasis
- Inflammatory bowel disease (Crohn’s, ulcerative colitis)
- Certain cancers
- Chronic kidney disease
- Diabetes-related complications
Benefits of Biosimilar Drugs
Biosimilar drugs provide more options for consumers. That’s especially important for people who were prescribed biologics but found them too expensive to rely on.
The good news is that biosimilars are just as safe and effective as biologics. They go through the same review process by the FDA, making them an excellent alternative.
Furthermore, biosimilars cost less to develop because manufacturers can reference the original biologic’s data. The savings that pharmaceutical companies experience with biosimilar drugs can be funneled into new research.
When there are more options for consumers, competition increases, leading companies to lower prices to attract customers, which in turn results in lower overall rates.
If people who need regular treatment for chronic conditions can afford their prescriptions due to these lower prices, patient outcomes improve, and patients require fewer medications in the long run.
Are Biosimilars Really Cheaper?
While not as inexpensive as traditional generics, biosimilars can reduce drug costs by 15% to 30%, and in some cases by up to 50% compared to brand-name biologics.
That means if a biologic originally costs $5,000 a month, a biosimilar might bring the price down by $750 to $2,500 per month, which is a potentially life-changing difference for patients with chronic conditions.
What Are the Barriers to Using Biosimilars?
There are several obstacles that can prevent patients from accessing biosimilar medications:
- Insurance coverage may be limited: Some plans still prefer brand-name biologics.
- Lack of provider awareness or comfort: Doctors may stick to what they know.
- Not all biosimilars are ‘interchangeable’: Pharmacists may not be able to substitute them without a doctor’s permission.
- Patient confusion or mistrust: Some patients aren’t sure if they’re “real” alternatives.
The FDA’s Biosimilars Action Plan
The FDA’s Biosimilars Action Plan (BAP) is a regulatory initiative that outlines how to streamline the availability and use of biosimilar medications. The FDA’s BAP outlines strategies to encourage research and development of biosimilar drugs, increase competition, and potentially lower the cost of medications. The FDA strives to enhance the efficiency of drug development and approval by clarifying scientific requirements and addressing any issues that may arise in the approval process.
BAP also focuses on ensuring consumers — and even physicians — receive accurate information and education on biosimilars. Misconceptions have to be addressed, and safety concerns require offering data.
The FDA plans to collaborate with stakeholders to ensure that educational materials are available to support the decision-making process.
Additionally, the FDA’s act will address any potential complications that could make it difficult for biosimilar drugs to compete in the market. The agency will look at naming and labeling factors, for example.
One of the ways the FDA is managing all of this is via the Biosimilar User Fee Act, which allows the agency to collect fees from companies creating biosimilar and interchangeable products. These fees will be used to fund the FDA’s accelerated review process, ensuring that drugs are safe and effective.
Affording Your Medications With Help From Simplefill
If you take medications to address a chronic condition, you may be struggling to afford these prescriptions every month. You shouldn’t have to worry about whether you will be able to afford to take your life-saving medication every day or will have to skip a few doses to make ends meet.
At Simplefill, we offer prescription assistance programs to help you navigate these challenges. We assist you in finding discounts and savings that allow you to receive the medications you need.
The application process can be complex, so we can do this for you. We have experience with the process and know what information can help you get approved. By filling out our application, you can start receiving the exact level of support you need.
Get Affordable Access to Prescription Medications
Simplefill is a full-service prescription assistance company that researches, qualifies, and maintains patients’ enrollment in all sources of assistance available to them.
Apply today by calling 877-386-0206. A caring Simplefill representative will contact you within 24 hours to discuss your application and, if qualified, enroll you in the program.
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