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With the cost of pharmaceutical drugs on the rise, many people are looking for a way to find relief from the high prices. The prescriptions with the highest cost seem to lean toward drugs for arthritis and cancer. However, the industry is developing an alternative to high priced drugs with a type of generic known as “biosimilars.”
About Pharmaceutical Drugs
Medco Health Solutions is at the forefront of this trend. The development of these new prescription drug products is a new area of the pharmaceutical drugs industry. There are companies in the process of developing dozens of biosimilars for existing biologics that will lose patent protection within the next four years.
“We’re expecting to see the introduction of biosimilars’’ said Medco CEO David Snow. “That will be very helpful in mitigating the explosive cost of biotech drugs.’’
“Part of the reason we’re highlighting biosimilars is because we’re waiting to see what’s going to happen on the regulatory front to bring these drugs to market’’ said Medco Chief Medical Officer Glen Stettin.
Previously, patients that required the high-cost drugs had to rely on clinics, patient assistance and prescription card programs, and medical insurance. The promotion of biosimilars will undoubtedly open the doors for more effective treatments for those that could not otherwise afford the drugs. However, it has been pointed out that the FDA has not yet approved any of the biosimilar pharmaceutical drugs although there are approximately 40 items currently being developed throughout the United States.
