LAKE FOREST, Ill., May 30, 2014 - Hospira, Inc. (NYSE: HSP), the world's leading provider of injectable drugs and infusion technologies, today commended Delaware Gov. Jack Markell for his decision to sign Senate Substitute 1 for Senate Bill 118. This law creates a pathway for the substitution of interchangeable biologic drugs and helps pave the way for patient access to cost savings from biosimilar products.
When biosimilars become available in the United States in the coming years, clinicians will have opportunities to provide their patients with greater accessibility to effective and more affordable biologic drugs. The introduction of biosimilars could help the United States save up to $250 billion over 10 years, according to one report.
"The introduction of biosimilars promises to help put new cost-savings in the hands of patients and states, such as Delaware, that are taking early action to establish clear and transparent policies for the substitution of these high-quality and more affordable biologic products," said Paul Audhya, M.D., vice president, Medical Affairs, Hospira.
The governor's signature on Senate Substitute 1 for Senate Bill 118 allows pharmacists to substitute biosimilars for prescribed biological reference products unless the prescribing physician expressly requests the reference biologic.
Hospira is a market leader in biosimilars in Europe, and expects to submit its first biosimilar to the U.S. Food and Drug Administration (FDA) later this year or in early 2015.