Legislative change is required to drive greater manufacturing and uptake of more affordable medicines, Australia’s peak body for biosimilar medicines has said.
Australia is falling behind other OECD countries in producing affordable biosimilar medicines, according to the Generic and Biosimilar Medicines Association (GBMA).
The association has urged federal policymakers to introduce legislation to increase access to biosimilars for Australians, with GBMA independent chair Professor Jane Halton saying more than a thousand biosimilars were now available globally that offered long-term treatment options for a range of chronic diseases.
“In Australia the uptake of biosimilars has not matched other OECD countries,” Professor Halton said.
“We know the most vulnerable of Australian patients, particularly those with life-long chronic illnesses, are often struggling to afford their medicines.
“A single biosimilar molecule released onto the Pharmaceutical Benefits Scheme (PBS) has the potential to unlock up to $100 million in savings back to the government.
“These are funds that could be reinvested back into Australians’ healthcare”.
Australia’s biosimilars market in Australia is projected to reach USD $814.4 million in 2024 ($1.231 billion AUD), with projections rising to USD $2 billion by 2027 ($3.027 billion AUD).
Early market uptake of biosimilars in Australia has been significantly slower than other OECD nations, with the government pledging $20 million in 2015 and later $5 million in 2018-19 towards awareness and educational campaigns promoting greater biosimilar uptake.
Globally, the biosimilars market was estimated to be worth USD $9.5 billion in 2022 and is expected to rise to USD $33.4 billion in 2032.
The GBMA will host a free webinar next Wednesday 13 November with experts discussing major obstacles and potential solutions to increasing biosimilar uptake in recognition of the fifth annual Global Biosimilars Week, hosted by the International Generic and Biosimilar Medicines Association.
“By supporting biosimilar awareness, education and policies, we can help provide more health benefits to more patients in Australia and around the globe” GMBA CEO Marnie Peterson said.
More information on Global Biosimilars Week, including registration details for the Streamlining the Regulatory Process to Advance Access to Biosimilars webinar, is available here.