Canberra. More than $1 billion in savings could be unleashed by the arrival of biosimilar medicines over the next five years, to the benefit of the one in five Australians struggling with lifelong chronic disease1.
The peak body for more affordable medicines, today outlined the financial windfall that lies in the pending pipeline of biosimilars into the Australian market but called out the need for effective policy and uptake drivers in place to realise these savings, or Australia risks missing the opportunity.
The Independent Chair of the Generic and Biosimilar Medicines Association (GBMA), Professor Jane Halton AO PSM, says economic modelling shows that each biosimilar molecule to be listed on the Pharmaceutical Benefits Scheme (PBS), could return up to $100 million to the Health Budget.
“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,” says Professor Halton. “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.”
GBMA is also collaborating with the Australian Patient Advocacy Alliance (APAA), to identify key unfunded healthcare priorities of the 12 million Australians struggling with chronic disease2.
The CEO of the APAA, Ms Deidre Mackechnie, describes the potential funds, created by this initiative, as transformative for those living with multiple complex conditions. “We must look at all options for removing barriers to treatment including cost,” Ms Mackechnie says. “In a relentless cost-of-living crisis, too many of these patients are going without their medicines.
Disadvantaged Australians in particular, are being forced to choose between paying their rent or mortgage and seeing a doctor.”
The CEO of the GBMA, Ms Marnie Peterson, says biosimilars can offset high-cost biologic medicines in the long-term treatment of chronic diseases such as cancers, Rheumatoid Arthritis (RA), Crohn’s disease (CD); and Multiple Sclerosis (MS)3.
“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,” Ms Peterson says. “A strong biosimilar market in Australia will, in turn, help ensure that Australians continue to access world-class healthcare.”
Last week the GBMA with the support of the IGBA completed their fifth annual Global Biosimilars Week (GBW), ‘Advancing Access to Biosimilars’ that underscored the health and economic impact biosimilars delivers to patients and taxpayers alike.
Media inquiries: Jannette Cotterell Executive Counsel Australia
+61 419 204 059
jcotterell@executivecounsel.com.au
ABOUT GBMA
The Generic and Biosimilar Medicines Association (GBMA) is the peak representative body of generic and biosimilar medicine suppliers in Australia. Its members ensure that all Australians are offered the highest quality generic and biosimilar medicines in the world whilst providing affordable community health outcomes that benefit all Australians.
ABOUT AUSTRALIAN PATIENT ADVOCACY ALLIANCE
The APAA exists to provide better outcomes for all patients living with complex and chronic disease. We work alongside national peak advocacy organisations to achieve reforms in the Australian healthcare system.
APAA provides a coordinated and cohesive approach to government on behalf of our members
and the patients they represent
ABOUT BIOSIMILARS2
Biosimilar medicines are highly similar versions of the original, or ‘reference’, brand of a biological medicine. They are subject to the same regulatory standards and are equally safe and effective at treating the conditions as the original biological medicine.3
Biosimilar brands of medicine come onto the market after the patent for the equivalent reference brand of a biological medicine has expired. They provide more brand options for the same clinical results and introduce competition into the medicines market. They have been available in use for more than 15 years.
- https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1860592/
- Australian Government. Department of Health and Aged Care. About Medicines. Available online: https://www.health.gov.au/topics/medicines/about-medicines
(Accessed on 31 January 2023). - Australian Government. Department of Health and Aged Care. Biosimilar Medicines Regulation.
Available online: Biosimilar medicines regulation | Therapeutic Goods Administration (TGA)
