Arthritis Patients - Cigna's Evernorth To Offer Humira Biosimilar At No Out-of-Pocket Cost
Portfolio Pulse from Vandana Singh
Evernorth Health Services, a subsidiary of The Cigna Group (NYSE:CI), announced its Accredo arm will offer a Humira biosimilar with no out-of-pocket costs to patients. This initiative, starting in June, is expected to save patients an average of $3,500 annually. The biosimilar, produced for Quallent Pharmaceuticals, is priced about 85% lower than Humira, AbbVie Inc's (NYSE:ABBV) arthritis drug. Despite the introduction of biosimilars, AbbVie has retained over 98% of the Humira market. CVS Health Inc's (NYSE:CVS) pharmacy benefits unit has begun shifting prescriptions to biosimilars, impacting Humira's market share.
April 26, 2024 | 6:41 pm
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NEGATIVE IMPACT
AbbVie's Humira faces increased competition from biosimilars, despite retaining over 98% of the market.
The introduction of more affordable biosimilars, including Evernorth's offering, and CVS Health's shift away from Humira could pressure AbbVie's market share and revenues from Humira, despite its current dominance.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Cigna's Evernorth to offer a Humira biosimilar at no cost, potentially saving patients $3,500 annually.
The initiative by Evernorth to offer a Humira biosimilar at no out-of-pocket cost could enhance Cigna's market positioning and customer satisfaction, potentially leading to increased customer loyalty and positive public perception.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
CVS Health's shift to biosimilars for Humira prescriptions could impact its pharmacy benefits management strategy.
CVS Health's decision to recommend biosimilars over Humira could lead to cost savings for its pharmacy benefits management services, potentially attracting more insurers and patients due to lower costs.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70