July 19, 2023
Bloomberg Law recently published an article featuring Reni Conti, Associate Professor of Markets, Public Policy, and Law, discussing Humira, an anti-inflammatory drug, and its upcoming wave of competitors.
There are seven new alternatives to Humira that will determine whether market competition can lower the price of expensive biologics. Some patients have noted they would not switch medications that work well for them without a substantial financial incentive. Humira offers many benefits and savings that deter patients and prescribers from switching treatments, like the Humira Complete Savings Card, which allows users to pay as little as $5 per month for the treatment.
This “fits that bill of making the patient indifferent in some way to using the brand or using that biosimilar,” Conti stated.
Availability to patients and negotiation rules in healthcare are also important factors to consider. To avoid government-mandated price cuts, Medicare will likely push biologic manufacturers to allow more competition under the IRA, which allows Medicare to negotiate the prices of some of the drugs it spends the most on.
