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<p>Unlike small-molecule drugs, biologics cannot be exactly replicated and instead face post-exclusivity competition from non-identical copies called biosimilars. Under a stylized model with a loyal segment of consumers, greater differences between incumbent and entrant can lead incumbents to “fight” rather than “acquiesce.” Consistent with this prediction, we find that, on average, biologics respond to biosimilar entry by sharply reducing net-of-rebate prices to maintain volume—unlike small molecule incumbents. In addition, we provide suggestive evidence that proxies of biosimilar entrant quality and loyal segment size are associated with smaller price responses.</p>

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Biosimilar Entry and the Pricing of Biologic Drugs

  • 期刊论文

  • 发表日期：

    2026年5月29日

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  • Josh Feng,
  • Thomas Hwang,
  • Jacob Klimek,
  • Luca Maini

摘要

Unlike small-molecule drugs, biologics cannot be exactly replicated and instead face post-exclusivity competition from non-identical copies called biosimilars. Under a stylized model with a loyal segment of consumers, greater differences between incumbent and entrant can lead incumbents to “fight” rather than “acquiesce.” Consistent with this prediction, we find that, on average, biologics respond to biosimilar entry by sharply reducing net-of-rebate prices to maintain volume—unlike small molecule incumbents. In addition, we provide suggestive evidence that proxies of biosimilar entrant quality and loyal segment size are associated with smaller price responses.