From earlier this year: “The global biologics market is expected to see a 12% growth rate and reach $420.55 billion by 2025, according to a new report by The Business Research Company.”
A drug therapy originating from living organisms, biologics is a fast-growing industry – and for sponsors of pharmacy plans, could lead to potentially expensive claims. Biologics include established therapies like insulin and vaccines, but due to factors such as complexity, development process, and market share, the cost of a modern biologic can exceed $500,000 annually.
While comprising only 2% of drugs on the market, biologics account for 37% of all U.S. drug spending… and both percentages will almost certainly continue to rise. Because of this, MedBen Rx recommends that employers take a proactive approach with their pharmacy planning.
If you have MedBen Rx, we will work with you to build a strategy that balances the benefits of biologics with cost considerations, including the availability of less expensive therapeutic alternatives. And if you don’t have MedBen Rx, we’d welcome the opportunity to show you how our solutions will reduce your pharmacy spend.
Call MedBen Marketing at 888-627-8683 to learn more.