The drug market for biologics has seen major transformations over the past decade with the introduction of biosimilars. Remicade Biosimilars are biologic drugs that are highly similar to an already approved biologic drug known as the reference product. One of the largest selling biologic drugs worldwide has been Remicade (infliximab), used for the treatment of several immune-mediated diseases. However, Remicade's patent expired in late 2018 paving the way for biosimilar entries. In early 2022, the first U.S. FDA approved Remicade biosimilar brand Remican launched in the market.
Comparison To Reference Product Remicade
Remican is developed by South Korean drugmaker Celltrion and marketed in partnership with Teva Pharmaceuticals. Several rigorous clinical trials and analytical tests have demonstrated Remican's equivalence to Remicade. A pivotal phase 3 trial in over 400 patients with rheumatoid arthritis treated with Remican or Remicade showed comparable efficacy, safety, and immunogenicity profiles between the two drugs. Comprehensive analytical characterization also confirms the highly similar structural and functional properties of Remican compared to Remicade. This demonstrated biosimilarity assures healthcare providers of Remican's reliability as an alternative to the originator brand with equal therapeutic outcomes.
Market Potential And Cost Savings
As the first FDA-approved Remicade biosimilar, Remican is well-positioned to capture a major market share in the U.S. Since Remicade went off-patent protection, its U.S. sales have declined from over $6 billion annually to $4 billion as increasing payers switched to much lower cost biosimilars approved in Europe. Remican is expected to see widespread adoption across both governmental and private health insurance plans given its 15-30% lower price compared to Remicade. This price differential can translate to enormous cost savings for the entire healthcare system. For example, in Denmark which has pioneered biosimilar use, the widespread adoption of Remicade biosimilars led to over $500 million in annual system-wide savings according to government analyses. Such savings allow greater access to treatment for patients as well as savings for taxpayers who fund public healthcare programs like Medicare and Medicaid.
Patient Access And Uptake
For patients and providers, Remican brings an equally effective treatment option at a more affordable price-point. However, biosimilar uptake in the U.S. has been lagging compared to other developed nations like Europe and Canada due to various barriers. These include absence of automatic generic substitution laws for biologics, lack of incentives for prescribers, and unnecessarily restricted formularies by payers. However, market access for Remican is expected to be smoother than some prior biosimilar launches due to proactive education, marketing and payer engagement activities by Celltrion/Teva. The companies have committed significant resources to physician and patient outreach programs aimed at reassuring about the proven safety, efficacy and cost-savings of Remican. Their field team collaborates closely with payers, pharmacies, and healthcare providers to drive demand and uptake. This concerted effort coupled with expanding reimbursement coverage should help Remican achieve a respectable market-share in the near-term.
Changing Prescribing Paradigms
For Remican to achieve its true cost-saving potential, healthcare organizations and physicians must embrace a paradigm shift towards utilizing biosimilars as the preferred biologics. Many experts argue the outdated practice of prescribing by originator brand name needs to transition to an evidence-based model focused on selecting the most cost-effective treatment option that provides equal clinical benefits to patients. Payers can play a catalytic role through formulary and reimbursement incentives as well as education outreach for physicians and patients. For instance, tiered co-pay structures and prior authorizations can motivate prescribers to shift eligible patients to biosimilars first before the originator brand. Leading medical societies as well as hospitals must prioritize guideline updates recommending biosimilar use as the standard-of-care where appropriate. With concerted efforts across stakeholders, the U.S. healthcare system stands to reap hundreds of millions if not billions in yearly savings from increased biosimilar adoption over the next decade.
The approval and availability of Remican marks a pivotal juncture to streamline access to life-changing biologic treatments for many patients through lower healthcare expenditures. If taken advantage of judiciously Remican can be the economic equalizer that levels affordability without compromising on care quality outcomes. It brings the United States one step closer towards an optimal and most cost-effective treatment paradigm fully actualized through robust biosimilar uptake. However, this demands proactive coordination and reforms across diverse participants within the complex healthcare ecosystem. By aligning incentives and raising awareness, the industry, payers and providers can help realize the promise of greater patient access and affordability ushered in by this new treatment alternative on the rheumatoid arthritis market.
For more insights, Read- https://www.rapidwebwire.com/remicade-biosimilars-growth-market-size-share-analysis/
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