“There are inconstancies across biosimilar classes right now”

Samsung Bioepis has just released their fourth quarter 2023 US Biosimilar Market Report, outlining the latest trends. In an exclusive interaction, Thomas Newcomer, VP, Head of US Market Access, Samsung Bioepis shares insightful perspectives on the findings.

What are the key findings of your report and how do these predict the future of the US biosimilar market?

Some key findings illustrated include details around the latest quarterly data points on biosimilar utilization and financial figures for the US Biosimilar market and the exploration of key determinants influencing various degrees of biosimilar utilization. By bringing the report out quarterly, we think there’s tremendous value across payers, healthcare providers, any decision maker that’s involved in the process.

We feel that if there is a more regular cadence with respect to delivering updated information, then stakeholders can see what’s going on, not just in one biosimilar, or one therapeutic category, but across all of them.  Everyone becomes better informed.

How do you look at the determinants influencing various degrees of biosimilar utilization despite 7 more adalimumab biosimilars launched in July 2023?

The first adalimumab biosimilar came to the market in January 2023 and three months have passed since 7 additional adalimumab biosimilars launched in July 2023, but the biosimilar penetration in this class remains at 2.6%, based on IQVIA data. Although it is too early to determine the fate of the US adalimumab market, the current dashboard indicates there may be an issue of limited access and limited uptake of lower-cost biosimilar options.  So far, the early data is showing that biosimilar uptake is potentially slower when the reference product is in a parity position with biosimilars. Therefore, we need everyone involved in the healthcare space to pay attention to where the market is now and where it is going.

The long-term viability and sustainability of biosimilars is not a guarantee and we need awareness and learnings across therapeutic areas to increase biosimilar utilization. The goal is now and always will be to lower healthcare costs.

“The long-term viability and sustainability of biosimilars is not a guarantee and we need awareness and learnings across therapeutic areas.”

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Why do you think biosimilar penetration still remains at 2.6%? Are there specific therapeutic areas where biosimilars are more likely to succeed? 

There are several issues there that could be in play. First, even if PBMs and health plans place these adalimumab biosimilars on their formularies, you still need to have awareness and a willingness at the HCP to prescribe them. If these products are not prescribed routinely in clinical practice, then the goal to realize the potential of biosimilars will not happen. Thus, the financial burden that the US healthcare system currently faces will not change and patients will continue to suffer from high out of pocket expenses.

Your views on the price dynamics involving all biosimilars based on the fourth quarter 2023 average sales price?

First, we need every stakeholder to get more involved in stimulating the biosimilar uptake and activating the biosimilar market so that patients can ultimately benefit from the lower cost of these medicines. Across all therapeutic categories, we know there is a correlation between biosimilar utilization and lower prices. This has to be done in a sustainable manner that results in the long- term viability of biosimilars. There are recent cases in some classes where this has not been the case. We are seeing various pricing strategies come to the market and the impact of some of these strategies. Monitoring these classes on quarterly basis will provide all of us with a better view.

What are the main challenges facing companies entering the US biosimilars market?

Right now, there are inconstancies across biosimilar classes. There are classes in the oncology markets that have done very well with biosimilars and there are other therapeutic areas where adoption is frankly too slow and too low. Again, in order to improve utilization of biosimilars, there needs to be constant education of the healthcare model of biosimilars.

There are still healthcare providers and patients where biosimilars may be new to them and they just do not have a full understanding of what exactly a biosimilar is, what the experience to date is with these products, not just in the US, but globally and what they can do for those in the US healthcare market. If we can get the US healthcare market to have an awareness of biosimilars like they do with generic medicines for instance, then we will start seeing an increase in biosimilar demand.

*This interview was first published in Nov/Dec 2023 edition of BioVoice News eMagazine.