Biosimilars are biologic medical products that are almost identical copies of an original product manufactured by a different company. Unlike generic drugs, which have chemically identical structures to their branded counterparts, biosimilars are derived from living organisms and are very similar, but not identical, to the original biologic products. Biosimilars are used in the treatment of a range of chronic and often life-threatening diseases, offering increased access to therapies for patients.
Biosimilars play a crucial role in improving healthcare systems by promoting competition and potentially lowering the costs of biologic treatments. Their introduction into the market is essential to expanding access to complex, high-cost biologic therapies, which are often integral to the management of chronic diseases. As more biosimilars are developed, they offer the potential for cost savings while maintaining the therapeutic benefits provided by more expensive original biologic medications.
Additionally, biosimilars encourage innovation in the field of biotechnology, resulting in greater efficiencies and enhancements in treatment options. They hold the promise of reducing healthcare expenses for both patients and providers, ultimately contributing toward a more sustainable healthcare framework.