Toronto – November 14, 2024 – Biosimilars Canada has launched a new #SaveBigWithBiosimilars campaign to educate Canadian businesses about the benefits of adopting biosimilar transition policies for their employee health benefit plans.
While public drug programs across Canada have adopted biosimilar transition or “switching” policies to help sustain their drug plans and expand coverage for innovative new treatments, the adoption of biosimilars in the private market has been slower.
“With this campaign, we want to ensure that corporate decision makers learn about the value biosimilar medicines offer for employer-sponsored health benefit plans and provide them with the resources they need to help them incorporate cost-saving biosimilar transition policies into their plans,” explained Jim Keon, President of Biosimilars Canada.
The campaign, which will run on LinkedIn beginning November 14, includes a new downloadable Employer Handbook on Biosimilars, which has been designed to provide companies with information to unlock the full value of biosimilars to transform their employee health benefits.
Biologic medicines save lives and can dramatically improve the quality of life for patients, contributing to a more productive workforce for employers. But the high cost of biologic medicines – which can cost $10,000 to $25,000 or more per patient per year – has been putting a major strain on Canadian drugs plans for many years, making it difficult for employers to sustain their drug programs and fund the extended health benefits that can help them attract and retain top talent. In 2023, biologic medicines accounted for 36.4% of the total cost of private drug plans but just 3.9% of total drug claims.
Health Canada confirms that there are no clinically meaningful differences in safety and efficacy between biosimilars and the original reference biologic drug, and biosimilars typically cost 25% to 50% less than the original (reference) biologic drug.
Having patients make a one-time switch from a high-cost original biologic medicine to a more cost-effective biosimilar supports positive patient outcomes while providing cumulative annual savings that employers can use to:
- Provide savings and support the overall sustainability of employer-sponsored drug plans.
- Expand employee access to innovative new therapies.
- Enhance extended health benefit coverage to provide a competitive advantage in attracting and retaining employees, such as increased vision care and massage coverage.
All ten provinces and two territories have implemented biosimilar transition policies for their public drug benefit programs, as have some federal public drug plans. The Government of British Columbia recently reported that more than 40,000 patients had made the transition to biosimilars under its public drug plan, saving the province more than $732 million over the past five years.
Most private insurance providers now offer biosimilar transition plans, but they are often underutilized. Nationally, the use of biosimilars by private drug plans is about 30% lower than in public drug plans.
“As cost pressures continue to increase for all businesses, expanding the use of biosimilars should not be overlooked as an important solution to help employers sustain their drug program and transform the benefits they provide for their employees,” Keon added.
About Biosimilars Canada
Biosimilars Canada is a national association representing the biosimilar medicines industry in Canada. Our member companies are at the forefront of the global development and marketing of biosimilar medicines. Biosimilars Canada provides leadership in educating Canadian stakeholders about the safety and efficacy of biosimilar medicines, and advocates for policies that support their timely approval, reimbursement, market acceptance and expanded use. Biosimilars Canada is a division of the Canadian Generic Pharmaceutical Association. Visit us at www.biosimilarscanada.ca.
About Biosimilar Medicines
A biosimilar biologic drug, or biosimilar, is a drug demonstrated to be highly similar to a biologic drug that was already authorized for sale. Health Canada evaluates all the information provided to confirm that the biosimilar and the reference biologic drug are similar and that there are no clinically meaningful differences in safety and efficacy between them. Health Canada’s rigorous standards for authorization mean that you can have the same confidence in the quality, safety and efficacy of a biosimilar as any other biologic drug.
Contact:
Jeff Connell
Vice President, Corporate Affairs
Canadian Generic Pharmaceutical Association (CGPA)
Mobile: (647) 274-3379 | Email: jeff@canadiangenerics.ca