Biocon Biologics and Sandoz partner to bring affordable cancer treatments to Australia

Biocon Biologics, a leading biosimilar company, has joined forces with global pharmaceutical giant Sandoz to ensure continued access to crucial cancer treatments in Australia. This five-year partnership focuses on two biosimilars, OGIVRI (bTrastuzumab) and ABEVMY (bBevacizumab), offering more affordable alternatives to their branded counterparts, Herceptin and Avastin.

What are biosimilars?

Biosimilars are highly similar versions of already existing biological drugs, offering the same benefits but at a lower cost. This is because they don’t require the same extensive research and development as the original drug, making them much more affordable.

Why is this partnership important?

This partnership holds significant benefits for both patients and the healthcare system:

Increased access: Biosimilars can significantly reduce treatment costs, making them more accessible to patients who might otherwise struggle to afford them. This is especially crucial for expensive cancer treatments like Herceptin and Avastin.

Cost savings: The Australian healthcare system can benefit from significant cost savings by opting for biosimilars over their branded counterparts. This frees up resources to be directed towards other healthcare needs.

Continued treatment: The agreement ensures uninterrupted access to OGIVRI and ABEVMY for patients who were previously receiving them through another distributor. This eliminates disruptions and anxieties associated with switching medications.

Market insights:

The Australian market for Trastuzumab (Herceptin) is valued at AUD$35 million, while the Bevacizumab (Avastin) market is worth AUD$45 million.

Both OGIVRI and ABEVMY are listed on the PBS (Pharmaceutical Benefits Scheme), making them readily accessible to patients with government subsidies.

Quotes:

Matt Erick, Chief Commercial Officer of Advanced Markets, Biocon Biologics Ltd: “This agreement marks another important milestone in our global partnership and growth strategy. It also ensures continued access to high-quality, affordable biosimilar medicines for cancer patients in Australia.”

Key takeaways:

Biocon Biologics and Sandoz are committed to improving access to affordable cancer treatments in Australia.

Biosimilars like OGIVRI and ABEVMY offer a cost-effective alternative to branded drugs like Herceptin and Avastin.

This partnership ensures uninterrupted access to these crucial medications for Australian patients.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.