Samsung Bioepis Releases Second Quarter 2024 US Biosimilar Market Report
· *The 5*^*th** edition explores some IRA implications on biosimilars along with latest price trends, biosimilars market share *
· *Marks one year of providing quarterly updates on US biosimilar market trends*
INCHEON, Korea, April 08, 2024 (GLOBE NEWSWIRE) -- Samsung Bioepis Co., Ltd. today released its Second Quarter 2024 Biosimilar Market Report, which includes the latest Average Sales Price (ASP) information of all biosimilars and reference products available in the US market. The company has been publishing the report every quarter since April 2023 to provide the latest market share and price trends of all biosimilars available in the United States, after the Centers for Medicare & Medicaid Services (CMS) publishes updated quarterly ASP values for each product. This fifth-edition of the Samsung Bioepis Quarterly Biosimilar Market Report delves into some implications of the Inflation Reduction Act (IRA) with respect to biosimilars, as well as the biosimilars market share and price trends.
“Over the past year, we have strived to provide the US market with the latest biosimilar insights through our report, and we are grateful for the positive reception from our readers,” said Thomas Newcomer, Vice President, Head of Market Access, US, at Samsung Bioepis. “As we move forward, Samsung Bioepis remains committed to delivering high-quality, safe, and effective biosimilars. Our goal is to be part of the solution in reducing patients' out-of-pocket expenses, while offering savings to the US healthcare system as a whole,” he added.
Some of the key insights from the report include:
· As of April 2024, the U.S. Food and Drug Administration (FDA) has approved a total of 48 biosimilars across 15 unique biological molecules. Of the 48 approvals, 38 biosimilars have launched in the US market.
· As of February 2024, adalimumab biosimilar market share has reached 4%, increasing 2% compared to the previous quarter. 9 biosimilars are available at different pricing options: low WAC (85-86% less than Humira), high WAC (5% below Humira) and dual/multiple pricing options covering both high and low WAC.
· Originators are taking various strategies to compete with biosimilars, e.g. launching unbranded versions of originator products or by lowering or matching the ASPs of originator products to compete with biosimilars. In markets where originators have competitive pricing or unbranded products, originators have maintained a steady market share or dominant market position.
· In some markets where the ASPs have fallen dramatically, e.g. trastuzumab, filgrastim, pegfilgrastim, some brands have shown price corrections.
· In an effort to lower prescription drug costs, the Inflation Reduction Act (IRA) will have a dramatic impact on manufacturer and plan sponsor economics. These changes result in opposing forces on the future growth, adoption, and incentivization of biosimilars.To access the full report, please visit *HERE*.
*About Samsung Bioepis Co., Ltd.*
Established in 2012, Samsung Bioepis is a biopharmaceutical company committed to realizing healthcare that is accessible to everyone. Through innovations in product development and a firm commitment to quality, Samsung Bioepis aims to become the world's leading biopharmaceutical company. Samsung Bioepis continues to advance a broad pipeline of biosimilar candidates that cover a spectrum of therapeutic areas, including immunology, oncology, ophthalmology, hematology, and endocrinology. For more information, please visit: www.samsungbioepis.com and follow us on social media – X, LinkedIn.
CONTACT: MEDIA CONTACT
Anna Nayun Kim, nayun86.kim@samsung.com
Jane Chung, ejane.chung@samsung.com