Taking Action Express: Biosimilars to Exceed $55 Billion; July 15 MNBTE Cocktail Reception; Does Transparency Harm Consumers?
July 7, 2015
Weekly Buzz: Biosimilars to Exceed $55 Billion by 2020
The global market for biosimilars could hit $20 billion by the end of the year and may reach $55 billion by the end of the decade, according to recent analysis from business intelligence provider GBI Research. While biologics currently comprise between 17 percent to 20 percent of the pharmaceutical arena with a value of nearly $200 billion, biologic drugs may replace 70 percent of chemical drugs within the next two decades. Read more here.
What is a Biosimilar?
A biological product that is “highly similar” to a U.S.-licensed biological product, without regard to minor differences in clinically inactive components. There must also be no clinically significant difference in safety, purity and potency between the biosimilar and the original, approved biological product. Biosimilars are not generics and require separate contractual and regulatory considerations.
Especially for Members: Phase I Specialty Pharmacy Purchaser’s Guide
Through its Care Delivery Learning Networks, Action Group employer members are invited to spend months researching how to increase the value of health care goods and services that are subject to high cost, variability, and overuse or inappropriate use. Most recently, The Action Group completed Phase I of its Specialty Pharmacy Learning Network. The resulting Employer Purchaser’s Guide is now available to help members shape their benefit strategies and influence marketplace change to help ensure the economic vitality of all Minnesota communities. Simply visit mnhealthactiongroup.org and log in through the Member Center. The Guide is available to all members, even if they did not participate in the Learning Network.
All Members Invited to Minnesota Bridges to Excellence Recognition Event July 15
The Minnesota Bridges to Excellence (MNBTE) program advances care delivery and outcomes by rewarding clinics for meeting or exceeding a strict set of care standards for patients with diabetes, depression, and vascular disease. These conditions are known to be primary drivers of health care costs.
Each year, we host a cocktail reception to celebrate the successes of those clinics providing superior care. To learn more about MNBTE, click here. To register or to learn more about the recognition event, click here.
Modern Healthcare Article: Consumers Demand Price Transparency, But at What Cost?
The Price of Health Care Cost Transparency
With high-deductible health plans becoming the new standard, consumers are demanding greater price transparency. But not everyone believes transparency will ultimately help patients better manage costs. “There can be adverse effects to transparency. In markets where pricing is very transparent, pricing tends to narrow and the average cost rises,” said David Newman, executive director of the Health Care Cost Institute, during his keynote address at last week’s Annual National Institute, hosted by the Healthcare Financial Management Association.
“It’s important to look at transparency from all sides,” says Carolyn Pare, president and CEO of The Action Group. “At The Action Group we advocate for transparency in health care to foster collaboration and innovation between businesses, health plans, health care providers, and political leaders. We have come a long way toward helping ensure that people receive the right care, at the right time, at the right price, and we will continue to strive for continuous improvement.”
Thought for the Week
“Medical bills are the leading cause of bankruptcy in the U.S., a last resort for families that have drained their bank accounts, maxed out their credit cards, and refinanced their homes.”