![Despite Headwinds, Biosimilars Market Is Growing in 2024](https://getmga.com/wp-content/uploads/2024/07/iStock-1272520901-1080x675.jpg)
Despite Headwinds, Biosimilars Market Is Growing in 2024
The Food and Drug Administration (FDA) has approved a record number of biosimilars in 2024, and the year is only half over.
The Food and Drug Administration (FDA) has approved a record number of biosimilars in 2024, and the year is only half over.
Tuesday’s Senate Judiciary Committee hearing on drug competition was largely as expected: Committee members voiced support for legislative reforms to address features of the current patent system that result in abuses that excessively limit competition.
In 2019, the Committee moved legislation to prevent brand drug companies from amassing superfluous patents around their products—a strategy that, as we’ve written before, is uniquely problematic in the United States.
Fourteen years ago, Congress established a regulatory pathway for biosimilars, direct competitors to branded biologic drugs.
Insulin, a drug first developed more than 100 years ago, has experienced a surge in political interest in recent years following dramatic price hikes.
Politicians—Democrats and Republicans alike—regularly complain about high drug prices and the need for policy changes to make prescription medicines more affordable for patients (read: voters).