Biosimilar products are approved by the Food and Drug Administration as competitors to originator biologic products, known as reference products. Biosimilars reduce overall costs both directly, by offering lower priced alternatives, and indirectly, by causing downward pricing pressures on reference products. Biosimilars are highly similar to their reference products both in safety and effectiveness, but growth of biosimilars in the US has been modest. Milliman studied biosimilar market share at 340B and non-340B outpatient hospitals for commercially insured patients from 2017 to 2020. This white paper presents the study as follows:
This report was commissioned by PhRMA.