CVS Will Sell Cheaper Biosimilar Versions of Prescription Medications, Starting with Its Own Version of Humira
CVS, the popular drugstore chain, announced this week that it will begin selling less expensive “biosimilar” versions of certain prescription medications. The company’s first focus will be on cheaper versions of biologic medications, which are drugs made from living sources and often come in injectable form.
CVS revealed that its own version of the popular anti-inflammatory drug Humira will be sold under its new subsidiary’s name, Cordavis. The drug will be produced in partnership with drugmaker Sandoz. The company aims to reduce the price of its version by over 80% compared to the brand name, which currently costs nearly $7,000 per carton.
The move by CVS is in response to the growing demand for more affordable options for prescription drugs. Biosimilar versions of Humira have been a topic of interest for drug companies and pharmacies since the drug’s maker lost patent protection. Humira is commonly used to treat rheumatoid arthritis and other inflammatory conditions.
Several biosimilar versions of Humira have already been approved by the US Food and Drug Administration (FDA). One of these, called Yusimry, is available at a significant price reduction on Mark Cuban’s Cost Plus website. Cost Plus has gained attention for actively reducing drug costs for patients and consumers.
CVS’s entry into the cheaper-drug market aims to drive down the costs of medications and provide patients with more options. “Biosimilars are crucial to creating competition and reducing costs for specialty pharmaceuticals where drug prices are rising the fastest,” said Prem Shah, CVS’ chief pharmacy officer and co-president of its Pharmacy and Consumer Wellness segment.
Biosimilar drugs are designed to resemble generic drugs in terms of effectiveness and how they work in the body. They offer the same benefits as brand-name medications but at a lower price. However, there are some differences in terms of how they are approved and prescribed compared to generic drugs.
Generic drugs are made from chemicals and contain the exact same active ingredient as the brand-name medication. Biosimilar drugs, on the other hand, are typically made from living systems, such as animal cells or bacteria. They may have minor differences from the original drug, but the manufacturer must prove that the biosimilar drug is highly similar and equally effective.
To access cheaper prescriptions, patients are advised to ask their doctors about biosimilar or generic versions of prescribed medications. Online platforms like GoodRx, SingleCare, and Amazon’s RxPass offer discounts on drugs. Amazon has also recently added an automatic coupon feature for its pharmacy, which now includes insulin, a drug known for its high price.
Patients with chronic health conditions can also turn to disease-specific organizations for additional resources and assistance in obtaining affordable medication and treatment.
With CVS’s initiative to provide cheaper biosimilar versions of prescription medications, there is hope that drug costs will decrease, offering patients more affordable options for their healthcare needs.