Biosimilars usage is lowering costs for patients and the Medicare program

This issue brief delves into the insights provided by a March 2024 Office of Inspector General (OIG) Data Snapshot, which examined the evolving landscape of reference products and biosimilars within Medicare Part B. The findings showcase a notable decrease in prices for both reference products and biosimilars following the introduction of biosimilar competition, resulting in significant cost savings for the Medicare Part B program and beneficiaries. This analysis underscores the pivotal role that biosimilars play in fostering competition and controlling health costs.

 *This work was funded by the Pharmaceutical Research and Manufacturers of America, with editorial control maintained by Cencora.