ECONOMIC modelling suggests that more than $1 billion in savings could be released by the arrival of biosimilar medicines over the next five years, potentially benefitting the one in five Australians with lifelong chronic disease.
The Generic and Biosimilar Medicines Association (GBMA), the peak body for more affordable medicines, outlined the financial windfall that lies in the pending pipeline of biosimilars into the Australian market.
The Independent Chair of the GBMA, Prof Jane Halton, says economic modelling shows that each biosimilar molecule to be listed on the PBS could return up to $100 million to the health budget.
However, the organisation has called out the need for effective policy and uptake drivers in place to realise these savings, or Australia risks missing the opportunity.
"This pending wave of biosimilars will deliver unprecedented levels of new savings that can, and should, be channelled to help ease the health and hip-pocket burden on Australia's most vulnerable patients," Halton said.
"Further, GBMA continues to advocate for policies, that if adopted, will provide Australians with earlier and more affordable access to the vital therapies and health services they desperately need," she added.
The Chief Executive Officer of the GBMA, Marnie Peterson, highlighted the role of biosimilars in reducing the costs of long-term treatment of chronic conditions that are treated with high-cost biologic medicines such as cancers, rheumatoid arthritis, Crohn's disease and multiple sclerosis.
"Even with the anticipated arrival of so many biosimilars over the next five years, we still need to implement policies that will amplify their uptake among patients and their specialists," Peterson said.
"A strong biosimilar market in Australia will, in turn, help ensure that Australians continue to access world-class healthcare." KB
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