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Biosimilars are entering the market.

When we discuss biosimilars, remember that these are not
generics. A generic drug is a chemical replica—identical in
structure, function, and performance to the original. It’s
made through synthesis, matched atom for atom, and
approved because it is, in every way that matters, the same.

A biosimilar is different by design. Biologics are made in
living systems—cells, not flasks—and that complexity
means no two batches, let alone two manufacturers, can
produce an exact molecular copy. Instead, biosimilars are
engineered to be “highly similar” to the reference
biologic, with no clinically meaningful differences in
safety or efficacy.

That’s the bar. Not identical—indistinguishable in effect.

But that nuance has consequences. Biosimilars face tougher
regulatory paths, greater clinical scrutiny, and slower
adoption. And while generics collapse prices immediately,
biosimilars apply gradual pressure—narrowing margins,
forcing value comparisons, and exposing the hidden
inefficiencies of the originator.

Biosimilars are cheaper, but not quite cheap.

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