CVS Health announced a new subsidiary that will work directly with manufacturers to commercialize and/or co-produce biosimilar products for the U.S. market.
Through the wholly owned unit, which will be called Cordavis, CVS intends to develop a portfolio of products that it expects will facilitate broader access to biosimilars in the U.S. — creating more competition that drives down prices.
To kick it off, Cordavis has contracted with Sandoz to commercialize Hyrimoz, a biosimilar for Humira, in the first quarter of 2024 under a Cordavis private label. According to CVS, the list price for Hyrimoz will be more than 80% lower than the current list price of Humira.
Perhaps no drug was more ripe for biosimilar disruption than Humira — the best-selling drug of all time — protected by a patent wall that took 20 years to come down. It's estimated that the treatment will have amassed a total revenue of $240 billion by 2024. The first Humira biosimilar hit the U.S. market earlier this year — Amgen's Amjevita. Amgen set a wholesale acquisition cost 55% below the current Humira list price, and a list price 5% below the current Humira list price, translating to $1,557 and $3,288 per 40-milligram pen device (a two-week supply).
Coherus bested that, saying in June it would sell it's Humira biosimilar, branded Yusimry, at a list price of $995 per carton, a discount of more than 85% when compared to the branded version. Last month, Cost Plus Drugs, Mark Cuban's online pharmacy, said it will sell Yusimry for $569.27 plus dispensing and shipping fees — a 92% discount.