HCR 577 Module 6 Discussion Post
HCR 577 Module 6 Discussion Post
Comparison of the Impact of Biosimilars: US, Asia, Canada, and Emerging Markets
The effects of biosimilars have transformed healthcare systems in various parts of the world, although not in all regions. Biosimilars have great potential in terms of cost-saving in healthcare in the United States, particularly with numerous high-selling biologic drugs slated to lose patent coverage (Dalpoas et al., 2020). This possibility has not been realized. The number of biosimilars approved and launched is limited, thereby limiting competition. Its adoption is hindered by the barriers, such as the high cost of development, complex pricing strategies by brand manufacturers and regulatory delays. In addition, their use is not as high as it can be because of the ignorance of both healthcare providers and patients.
Asia, on the contrary, has a different yet equally significant part in the biosimilars market. Most Asian firms are not only producing biosimilars to be used locally, but also internationally. This has made the region a major producer of biosimilars in the world (Huml et al., 2016). Nevertheless, when entering Western markets, these firms are subjected to stringent regulatory conditions and have to fulfil the high-quality standards. These threats may slow their growth, yet they also make companies enhance their abilities and compete at the global level.
In the meantime, Canada shows a more direct economic gain from biosimilars. The entry of these products has opened up the prospects of substantial cost savings since the expenditure on biologic drugs is high. It has been estimated that savings may vary significantly based on uptake and pricing, with increased adoption resulting in increased cost reductions (Poster 6 – 2017 – Potential Savings From Biosimilars in Canada, 2018). Nonetheless, adoption is still patchy, and price incentives can be less than anticipated, which hinders the full accomplishment of these benefits.
Finally, biosimilars may also be of significant use in the new markets, in which access to treatment is paramount. Biologic drugs tend to be expensive, and that is why biosimilars present an alternative of a cheaper option to the patients. Regardless of the issues of weak regulatory frameworks and the lack of healthcare facilities, biosimilars are an important factor to increase the number of people covered and meet the unmet medical demands (C, 2015). In general, the advantages of biosimilars are evident throughout the world, but their effect on the country, regional policies, and awareness levels depends on them.
References
C, L. (2015). Biosimilars and Emerging Markets: historical and bioethical considerations. Journal of Clinical Research & Bioethics, 06(05). https://doi.org/10.4172/2155-9627.1000243
Dalpoas, S. E., Socal, M., Proctor, C., & Shermock, K. M. (2020). Barriers to biosimilar utilization in the United States. American Journal of Health-System Pharmacy, 77(23), 2006-2014.
Huml, R. A., Iliach, O., Chance, K., & Rulewski, N. R. (2016). Challenges with the development of biosimilars in Asia for Western markets: An overview and suggested solutions. Therapeutic Innovation & Regulatory Science, 51(2), 200–206. https://doi.org/10.1177/2168479016668377
Poster 6 – 2017 – Potential Savings from Biosimilars in Canada. (2018, February 5). http://www.pmprb-cepmb.gc.ca/view.asp?ccid=1304
HCR 577 Module 6 Discussion Post
