January 03, 2024
CVS Caremark further strengthen its efforts to promote biosimilars
CVS Caremark is intensifying its efforts to promote the adoption of biosimilars, with a notable update to its formularies. Effective from April 1, 2024, Humira will be excluded from the major national commercial template formularies, making way for the coverage of Humira biosimilars. However, Humira will remain available as an option for customers enrolled in the Choice and Standard Opt Out commercial formularies. Commercial formularies serve as the prescription drug coverage lists utilized by employers, unions, and health plans.
Similar to how generic drugs serve as alternatives to branded counterparts, biosimilars offer treatment options that are not only of high quality but also safe and effective, displaying no clinically significant differences from their reference products. A robust and competitive biosimilar market plays a pivotal role in fostering sustainable cost savings and providing diverse options for consumers in the long run. The U.S. biosimilars market is anticipated to witness substantial growth, projected to surge from under $10 billion in 2022 to surpass $100 billion by 2029.
In a commitment to ensuring access, AbbVie has collaboratively agreed to supply Cordavis, a CVS Health company, with a committed volume of co-branded Humira. This strategic move aligns with CVS Caremark's dedication to customer choice and a seamless member experience. The Cordavis Humira product is slated to be accessible in the second quarter, adding further treatment alternatives for adalimumab patients and enhancing options for payors.