The hesitation that defined many facilities’ approaches to biosimilar adoption dissipated over the past year. A majority of hospital pharmacies have now added biosimilars to formulary and 8 out of 10 facilities plan to consider the adoption of additional biosimilars as they enter the market. This is a notable jump over 2017 when most pharmacy directors were unsure as to how they would address this new product class. While clinical data and interchangeability remain key components in the formulary review process, facilities are placing increasing value on pricing and reimbursement factors.
By 2018, almost three-quarters of hospital pharmacies had biosimilars on formulary, a notable 15% increase over the previous year.
In 2017, just 45% of facilities were confident that they would review biosimilars for formulary adoption as they became available. One year later, the number of facilities considering biosimilar adoptions is a stunning 80%.
The factors with the strongest impact on the formulary process are price, clinical data, reimbursement, and interchangeability. It is important to note that there has been a 38% increase over the past 4 years in the number of facilities citing reimbursement as a key decision factor in the formulary review process.