Biologic drugs are among the most expensive drugs on the US market, outlined the agency.
"Biosimilar drugs are highly similar and have no clinically meaningful difference from their reference biologics and also tend to be less expensive."
Medicare Part B pays for physician-administered drugs used to treat some of the most serious and debilitating illnesses, including cancer and Alzheimer’s. "Medicare Part B and beneficiaries have the potential to spend less on prescription drugs with the increased use of biosimilars rather than their reference biologics, but their use remains low."
Limited biosimilar use in Part B may be related to how providers are reimbursed for these drugs, according to the HSS OIG. "Currently, providers do not have strong financial incentives to use less expensive biosimilars."
The study, said the HHS OIG, will describe use and cost trends of biosimilars and reference biologics covered by Part B over time.
The review is also set to determine how much Medicare and beneficiaries paid for biosimilars and reference biologics covered by Part B in 2021, and then the team will determine how much could have been spent with increased use of biosimilars or with different reimbursement policies.
Juliana M Reed, executive director of the Biosimilars Forum, a non-profit organization to advance biosimilars in the US in terms of expanding access and availability of biological medicines, said such an evaluation was another important step in addressing slow uptake rates for biosimilars in Medicare Part B.
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HHS Inspector General to examine biosimilars use in Medicare Part B - BioPharma-Reporter.com
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