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Greater acceptance of biosimilar medicines in a growing number of therapy areas and an active pipeline of 56 new products in clinical development are expected to deliver total savings of as much as $110 billion to health systems across Europe and the US through 2020, according to new research by the IMS Institute for Healthcare Informatics.
Biosimilars, which compete with original biologic medicines, can provide physicians and patients with greater access to advanced treatments and offer budgetary relief to payers in the face of intensifying healthcare cost pressures.
Health systems best positioned to capitalize on the benefits of biosimilars support functioning competitive markets-where manufacturers are motivated to participate over the long term, and where physicians are at the heart of the decision-making process.
The IMS Institute report, Delivering on the Potential of Biosimilar Medicines: The Role of Functioning Competitive Markets, found that by 2020, biosimilars will start competing with original biologics that have current sales of $50 billion annually.
The extent that these biosimilars provide savings opportunities will depend on policy and implementation approaches that to date have varied across the European Union.