Emerging Opportunities in Addressing Healthcare Costs: The Role of Biosimilars
Harry Browne's Restaurant
66 State Circle
Join the Maryland Tech Council for a luncheon to discuss "Emerging Opportunities in Addressing Healthcare Costs: The Role of Biosimilars”.
For the past 2 years, net prices of biopharmaceutical patented products have grown slower than the inflation rate in the U.S. In addition, the most recent data from Health and Human Services (HHS) for 2018 shows retail medicine spending is equal to 2.5% where according to HHS “non-price factors helped to drive the increase in total retail prescription drug spending growth, while retail prescription drug prices declined by 1.0 percent.” However, according to IQVIA, in 2018, spending for specialty medicines increased 5.8% accounting for $517 out of the $1,044 total per person medicine costs. Specifically biologics spending grew by 9.5% in 2018. Biosimilars increase market competition as they provide a private sector solution in addressing the growing segment of biopharmaceutical spending. Thus we need to champion policies that increase uptake of biosimilars and discourage ones that limit their use.
Vice President, US Government Relations