Reducing costs while maintaining quality of care: points to consider for hospitals

Biosimilars were seen as a viable solution for health care practices pursuing value-based care. For practices that plan to improve the quality of care while controlling costs, there are several factors to consider when adopting biosimilars.

Cost savings: Finance should be involved from the early stages of the decision-making process to assess the financial impact of adopting biosimilars i.e. the value of cost reduction through biosimilars versus the value of generation profit from high margin organic products. By clarifying this aspect, finance can play a role in communicating with internal stakeholders on the benefits of adopting biosimilars.

Manufacturers: In order to reduce the risks associated with drug quality or shortages, practices should assess the manufacturer’s ability to provide quality products through a stable supply. This is coupled with the manufacturer’s development and manufacturing capabilities, which stem from setting rigorous product quality goals through extensive analytical and functional evaluations, and a proven track record in manufacturing and supply management. , including inspection of manufacturing sites and drug shortage records.

Education: One of the obstacles when implementing biosimilars in clinical practice is misinformation and misunderstanding regarding the clinical value of biosimilars. In order to address these concerns, a comprehensive education plan must be established in advance, which involves educating both providers and patients about the clinical efficacy and safety of biosimilars before the start of the process. ‘adoption. For physicians, this would include providing balanced scientific evidence, including clinical and real-world data, and peer-to-peer communication would be vital. For patients, education should include understanding the basic concept of biosimilars, supported by patient letters, brochures and multimedia aids, and frequent communication with caregivers is necessary to help patients stay informed of the process. of transition.

Form and inventory: Practices often face challenges when implementing biosimilars due to the complexity of matching products on the formulary and the payer’s inventory. Not all biosimilars are available on the payer’s cover, so practices should weigh the pros and cons of storing one or more products. For example, for firms looking to continually reassess savings opportunities and minimize the risk of shortages, stocking multiple products may be the option. Additionally, there will be logistical issues such as electronic medical records, distribution, and storage to consider.

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