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Over the first five years of the initiative, the Province saved $732 million, thanks to people transitioning from reference biologics to their cost-effective biosimilars, which are highly similar versions of high-cost biologic drugs used to treat health concerns, such as diabetes, inflammatory conditions and certain cancers.
Health Canada has published a Handbook for health care professionals on biosimilar biologic drugs.
The use of oncology biosimilars has led to substantial annual savings in Ontario. In fiscal years 2020/21, 2021/22 and 2022/23, Ontario Health saved an estimated $53 million, $44 million, and $53 million, respectively.
The listing of generic and biosimilar medicines has largely helped to moderate the rise in rates, despite the increase in the number of insured individuals and the amount of drug consumption.
Although the adoption rate for biosimilar medicine is increasing in Quebec and Canada, sponsors of private drug insurance plans will not necessarily benefit from the expected savings unless they are extremely vigilant.