Biosimilars: What Employers Should Know and Why They Should Act

Tuesday October 13, 2020
10:00am - 11:00am EST
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Biosimilars: What Employers Should Know and Why They Should Act

Hosted by: Wayne Winegarden, Ph. D., Senior Fellow, Business and Economics, Pacific Research Institute; Director, Center for Medical Economics and Innovations, PRI’ Principle, Capital Economic Advisors

Biologics are complex cutting-edge medicines that treat diseases such as cancer, arthritis, and auto-immune diseases. These innovative products, known as originator biologics, create tremendous value for patients. Originator biologics are also expensive. Biosimilars, medicines that have the same quality, safety, and efficacy as the originator biologic, are akin to generic medicines for the biologics market.

Compared to the price of the originator biologics prior to the introduction of a biosimilar, biosimilars typically sell at discounts of up to 20 to 40 percent. Due to their lower costs, these medicines have the potential to substantially reduce the amount that the healthcare system spends on drugs. The lower costs offered by biosimilars will also reduce the total amount of money patients must pay in out-of-pocket costs.

Learning Objectives:

  • Demonstrate how employers can achieve greater out-of-pocket savings for employee patients by using biosimilars instead of originator biologic medicines
  • Overview of costs associated with patients being treated with biologic medicines for cancer, arthritis and autoimmune disease
  • The current state of biosimilar market

For Health Action Council Members only
1 SHRM and 1 HRCI credit pending 

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