WASHINGTON, April 15, 2016 /PRNewswire-USNewswire/ -- Incentives for physicians to prescribe biosimilars could increase utilization and reduce costs, according to a new report — "Payor Strategies to Promote Biosimilar Utilization"— from Matrix Global Advisors (MGA) and released by the Pharmaceutical Care Management Association (PCMA).
The report notes that "Policymakers and payors could, in a manner similar to how some payors promote increased generic utilization, encourage physicians to use biosimilars, by rewarding them for doing so."
Click here to read the report.
"Each day providers delay prescribing FDA-approved biosimilars means higher costs and fewer options for patients," said PCMA President and CEO Mark Merritt.
"Biosimilars offer the potential to improve the cost-effectiveness of medicines by driving competition. But to facilitate a robust biosimilars marketplace in the U.S., additional tools may be necessary for payors to consider," said Alex Brill, CEO of MGA and author of the report.
The Food and Drug Administration (FDA) recently approved Inflectra, the second biosimilar approved in the United States. Inflectra will compete with Remicade to treat Crohn's disease and rheumatoid arthritis, among other conditions.
According to a recent IMS Health report, the amount of drug spending expected to be subject to biosimilar competition between 2016-2020 is $182 billion.
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, managed Medicaid plans, and others.
SOURCE Pharmaceutical Care Management Association