AMGEN'S ANNUAL TRENDS REPORT FINDS COMPETITION CREATED BY BIOSIMILARS CONTRIBUTED $21 BILLION IN U.S. HEALTHCARE SYSTEM SAVINGS
Amgen's ninth Biosimilar Trends Report, released on October 12, 2022, highlights the growing presence of biosimilars in the U.S. market.
Key findings show that biosimilar share has increased to 75% over the past three years compared to 39% previously. The report estimates that $3.2 billion in savings occurred in Q2 2022 due to biosimilar availability.
As the trend continues, up to seven new biosimilars for HUMIRA are expected by the end of 2023, potentially further reducing costs in healthcare.
- Biosimilar uptake in the U.S. increased to an average market share of 75% in the last three years.
- Estimated savings of $3.2 billion in drug spending in Q2 2022 due to biosimilar availability.
- New biosimilars for HUMIRA expected to lower costs further, with seven or more launches predicted in 2023.
- None.
Ninth Edition of Amgen's Biosimilar Trends Report Examines the U.S. and Global Marketplace with Biosimilars
THOUSAND OAKS, Calif., Oct. 12, 2022 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today released the 9th edition of its Biosimilar Trends Report, which examines the current and future state of the U.S. marketplace with biosimilars. This year, in addition to examining important trends in the U.S., the Report also highlights key considerations and learnings from the global marketplace with biosimilars. To access the full Report, visit https://www.amgenbiosimilars.com/commitment/trends-report.
"Our 2022 Biosimilar Trends Report found that the marketplace with biosimilars is well established, and the U.S. is poised to see continued growth in biosimilar approvals. This is good news for patients, physicians and payers, as the successful adoption of biosimilars has increased competition and generally lowered treatment costs associated with biologic medicines," said Jen Norton, vice president and head of U.S. Value & Access at Amgen.
New data from the Report confirm that biosimilar uptake in the U.S. continues to increase over time, resulting in significant market share in most therapeutic areas where biosimilars have been introduced. In fact, for therapeutic areas that have had biosimilars launch in the last three years, the average biosimilar share was 75 percent compared to 39 percent in the preceding three years.1
"The trends highlighted in the Report underscore that it's an exciting time for the marketplace with biosimilars. As biosimilars become more widely available in the U.S., they have the potential to help to control costs for patients, payers and health systems," said Chelsee Jensen, pharmaceutical formulary manager at the Mayo Clinic.
The Report also discusses biosimilars' potential to expand access to treatment options that may lower healthcare costs.2 In particular, the Report found:
- Trends show an increase in savings per quarter, and in Q2 alone, savings in drug spend due to biosimilar availability are estimated to be
$3.2 billion .3 - Biosimilars primarily covered under the medical benefit have typically launched at a wholesale acquisition cost (WAC) that is generally
10% to57% lower than that of the reference product.4 - There are currently seven FDA-approved biosimilars for the reference product HUMIRA, with the possibility of seven or more launches in 2023. The entry of biosimilars is expected to lead to price declines across all products within the class.5
"Biosimilars are another potential treatment option for the millions of Americans living with inflammatory-bowel disease (IBD)," said Laura Wingate, executive vice president, Education, Support & Advocacy, Crohn's & Colitis Foundation. "We are excited about the potential expansion of biosimilars in the U.S. as we know how important it is for patients to have a variety of options."
About Amgen Biosimilars
Amgen is committed to building upon Amgen's experience in the development and manufacturing of innovative human therapeutics to expand Amgen's reach to patients with serious illnesses. Biosimilars help to maintain Amgen's commitment to connect patients with vital medicines, and Amgen is well positioned to leverage its nearly four decades of experience in biotechnology to create high-quality biosimilars and reliably supply them to patients worldwide.
For more information, visit www.amgenbiosimilars.com.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2021, Amgen was named one of the 25 World's Best Workplaces™ by Fortune and Great Place to Work™ and one of the 100 most sustainable companies in the world by Barron's.
For more information, visit www.amgen.com and follow us on www.twitter.com/amgen.
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No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market.
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CONTACT: Amgen, Thousand Oaks
Kelley Davenport, 202-834-8347 (media)
Jessica Akopyan, 805-440-5721 (media)
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1 Data on file, Amgen; Biosimilar Market Share Trends; July 2022.
2 IQVIA (2018). The Impact of Biosimilar Competition in Europe. PDF file. Retrieved from: https://www.medicinesforeurope.com/wp-content/uploads/2017/05/IMS-Biosimilar-2017_V9.pdf
3 Data on file, Amgen; Biosimilars Spend Analysis; July 2022.
4 Data on file, Amgen; Reference Product and Biosimilars - WAC and ASP Price; July 2022.
5 Xcenda (2022). Biosimilar approval and launch status in US. Retrieved from: https://www.xcenda.com/biosimilars-trends-report
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