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Biologics account for 46% of all pharmaceutical spending — but only 2% of prescriptions.¹ 

Learn how you can help employees with chronic conditions get safe, effective, and more affordable biosimilars that improve their health and your bottom line.

In the ever-evolving landscape of healthcare, one area that’s been under intense scrutiny is the rising cost of prescription drugs, particularly specialty medications like biologics. These treatments are vital for managing chronic conditions, but their high prices have put a strain on both employers and individuals.

Enter biosimilars, the game-changers in the pharmaceutical world. Biosimilars offer a ray of hope, providing safe and effective alternatives to costly biologics. Despite being highly similar to their reference products, biosimilars come at a significantly lower cost, making them a promising solution to skyrocketing healthcare expenditures.

While the potential of biosimilars is undeniable, their adoption faces obstacles. Financial disincentives, lack of unbiased information, and restrictive coverage by health plans hinder their utilization. Pharmacy benefit managers often favor biologics due to negotiated discounts, perpetuating the dominance of more expensive options.

However, the potential savings from biosimilars are substantial. Increased adoption could lead to billions in savings, benefiting both employers and employees. For instance, the introduction of biosimilars in oncology has already shown significant cost reduction.

To drive biosimilar adoption, employers can play a pivotal role. They can actively engage in benefits design, ensuring biosimilars are included in plan design, listed on formularies, and made affordable through low or no copays. Moreover, understanding health plans’ biosimilar strategies, identifying potential savings, and advocating for biosimilar-friendly formularies can further promote their uptake.

As biosimilars continue to enter the market, competition will intensify, driving prices down and improving accessibility to essential therapies. Insulin biosimilars, for instance, hold promise in alleviating the financial burden on employees managing diabetes. Additionally, the emergence of interchangeable biosimilars will streamline adoption, akin to generic substitution, further enhancing accessibility and affordability.

Employers play a crucial role in maximizing the benefits of biosimilars, fostering a healthier and more productive workforce while curbing healthcare costs. By advocating for and integrating biosimilars into their healthcare strategies, employers can contribute to a more sustainable and equitable healthcare system.

¹“Large Employer Health Care Strategy Survey,” Business Group on Health, 2023.¹“Large Employer Health Care Strategy Survey,” Business Group on Health, 2023.