Samsung Bioepis Releases First Quarter 2024 US Biosimilar Market Report

• Report highlights latest biosimilar pricing and market share status, including state of the adalimumab market
• Biosimilar Deep Dive section illustrates patient benefit from lower adalimumab cost options using the estimated patient out-of-pocket costs between high WAC and low WAC options
• Report comes out every quarter after CMS publishes updated ASP values

INCHEON, Korea, Jan. 17, 2024 (GLOBE NEWSWIRE) — Samsung Bioepis Co., Ltd. today released its First Quarter 2024 Biosimilar Market Report which provides most timely information on the current status of biosimilars in the United States. This latest quarterly report details the recent prices of all biosimilars, based on the wholesale acquisition cost (WAC) and first quarter 2024 average sales price (ASP) published by the Center of Medicare, Medicaid Services (CMS), as well as trends tracking market share and prices of all biosimilars since launch. The report also dives into the current state of the adalimumab market, providing insights on how the underutilization of adalimumab biosimilars is delaying the opportunity for cost savings for the US healthcare system.

“Despite entry of multiple adalimumab biosimilars in July, the adoption remains stagnant at 2.0% after 6 months. Slow adoption is a missed opportunity for cost savings, not only for healthcare systems but also for patients. Some of the biosimilars have pricing models that are designed to provide direct cost savings, but patients cannot benefit from these lower-cost options if the biosimilars are not made available to them,” said Thomas Newcomer, Vice President, Head of Market Access, US, at Samsung Bioepis. “These realities delay biosimilars from playing a pivotal role in alleviating the financial burden the US healthcare system and patients currently face. We need every stakeholder to pay attention to where the market is going and discuss ways to ensure that access is guaranteed to these important biologic medicines,” he added.

Samsung Bioepis Biosimilar Market Report, which was first published in April 2023, is being published every quarter after the CMS publishes updated ASP values for each product. To access the full report, please visit HERE.

About Samsung Bioepis Co., Ltd.
Established in 2012, Samsung Bioepis is a biopharmaceutical company committed to realizing healthcare that is accessible to everyone. Through innovations in product development and a firm commitment to quality, Samsung Bioepis aims to become the world’s leading biopharmaceutical company. Samsung Bioepis continues to advance a broad pipeline of biosimilar candidates that cover a spectrum of therapeutic areas, including immunology, oncology, ophthalmology, hematology, and endocrinology. For more information, please visit: www.samsungbioepis.com and follow us on social media – X (Twitter), LinkedIn.

CONTACT: MEDIA CONTACT
Anna Nayun Kim, nayun86.kim@samsung.com
Jane Chung, ejane.chung@samsung.com