What are Biosimilars?
Biosimilars are comparable to generic drugs, expect that they are based on biologics—drugs produced from a living organism—rather than pharmaceuticals, which are made from synthetic chemicals. These relatively new drug therapies are extremely powerful. Both biosimilars and the biologics upon which they are based treat some of the most common but complex and life-threatening diseases, such as diabetes, arthritis, cancer—with incredible results.
Why Do We Need Biosimilars?
Because biologics are very, very expensive—costing patients as much as $100,000 a year. Biosimilars, which are based on these biologics and are just as safe and effective, cost 20 to 30 percent less than original (or “reference”) biologics. These cost savings allow patients expanded access to these complex drugs, here in the United States and across the world. By improving access to biologics through biosimilars, we ensure all patients can take advantage of these life-changing treatments.
But biosimilars don’t just save individuals and families money—they save whole healthcare systems money as well. For example, savings generated by biosimilars from 2007 through 2020 could be as much as €33 billion in eight European Union countries alone. The introduction of biosimilars in the U.S. could save the American healthcare system up to $250 billion by 2024, and the U.S. federal government more than $12 billion in their first ten years on the market.
Are Biosimilars Safe and Effective?
Yes. For years, biosimilars have been safely used by patients in Europe, Australia, and other countries. In the U.S., biosimilars are only approved by the Food and Drug Administration (FDA) when they are proven to have no clinically meaningful differences in terms of safety, purity, and potency when compared to the original biologic product. Biosimilars must undergo rigorous testing and are only approved when they are proven to deliver the same benefits to patients as the original.
The Pfenex Difference
Pfenex’s robust, industry-leading bioanalytical approach to biosimilars development ensures our products have the potential to achieve a fingerprint-like copy of the original biologic. Put bluntly—nobody in the biosimilars marketplace can match Pfenex for accuracy or effectiveness.
See below to take a look at our current product pipeline. And click here for more information about our products and how we develop them.