Biocon Biologics Ltd (BBL) on Thursday said its interchangeable biosimilar insulin Glargine, under brand name Semglee, would be listed by US-based leading pharmacy benefit management organization Express Scripts.
A unit of Biocon, BBL noted that the product would be commercialized by its partner Viatris and listed as a preferred Glargine brand on Express Scripts' National Preferred Formulary (NPF) which includes more than 28 million lives.
Broad coverage of Semglee by Express Scripts will help ensure that the many patients on its network who need insulin Glargine may receive the full benefits of and access to treatment with lower or maintained out-of-pocket costs, BBL said in a statement.
''The inclusion of our interchangeable biosimilar insulin Glargine in Express Scripts' National Preferred Formulary (NPF) in the US is a major milestone for Biocon Biologics. It furthers our mission of enabling affordable access to quality insulins to a large number of patients,'' BBL Managing Director Arun Chandavarkar noted.
The company expects Viatris to commercialize the product in the US by year-end and formulary coverage to begin in Jan 2022, making it an important growth driver for Biocon Biologics, he added, "We believe the adoption of biosimilars through PBMs like Express Scripts, will drive down the high cost of biologics therapy for chronic diseases like diabetes. Our biosimilar insulin Glargine has the potential to bring significant cost savings for patients, employers, and PBMs," Chandavarkar said.
Pharmacy benefit managers (PBMs), are companies that manage prescription drug benefits on behalf of health insurers, large employers, and other payers.
Express Scripts, Inc. is one of the largest PBMs in North America, providing services to thousands of client groups, including managed-care organizations, insurance carriers, employers, third-party administrators, public sector, workers compensation, and union-sponsored benefit plans.
In July 2021, the US Food and Drug Administration (USFDA) had approved Semglee as the first interchangeable biosimilar product.
(With inputs from PTI)
