Healthcare costs have been increasing across Europe and, given the level of therapeutic advances and unmet patient needs, drug expenditure in major European countries is expected to rise by $51 billion between 2021 and 2026, up from $44 billion in the preceding five years.

Biologics have comprised a large proportion of overall healthcare costs for the past 10 years, accounting for 34% of drug spending in Europe at list prices, for a total of $103 billion in 2021 and with a compound annual growth rate (CAGR) of 10.5% over the last five years.

These drugs provide important innovation and enhance patient care. Supporting these drugs while overcoming challenges of costs and ensuring economic sustainability is crucial for human health.

Biosimilars offer a solution to the concerns around economic sustainability by providing savings to the healthcare system due to their lower costs and the increased competitive pressure on reference medicines.

The term biosimilar refers to the successor to a biological medicine, also known as the “reference medicine,” for which the patent has expired, and exclusivity has been lost. Biosimilars match their respective reference medicine in terms of quality, safety, and efficacy.