Summary
The article explains what biologics and biosimilars are, focusing on their cost and the Trump administration's efforts to make them more affordable. Biologics are complex drugs made from living organisms and are expensive, while biosimilars are nearly identical alternatives designed to increase market competition and reduce prices.
Key Facts
- Biologics are drugs made from living organisms and include treatments like Humira and Trulicity.
- In 2024, biologics made up 5% of U.S. prescriptions but over half of the total spending on prescription drugs.
- Biosimilars are similar versions of biologics, created after the original drug's patent expires.
- Approval of biosimilars by the FDA typically takes 5 to 6 years and involves ensuring no significant differences from the original biologic.
- Biosimilars increase competition in the market, potentially lowering prices of brand-name biologics.
- Biologics and biosimilars are costly, with average annual costs ranging from $10,000 to $30,000 for U.S. patients.
- Biosimilars can be 15% to 35% cheaper than the original biologics they mimic.
