CVS Health has launched Cordavis, a new company focused on manufacturing “biosimilar” drugs.
According to CVS Health, a biosimilar drug is “an FDA approved biologic medication that is highly similar to, and has no clinically meaningful differences from, a biologic medicine already approved by the FDA.” Biosimilars are a common and important way to help keep drug costs low for consumers and employers alike. CVS Health says Cordavis will “will work directly with manufacturers to commercialize and/or co-produce” these biosimilars.
Cordavis’ first product is Hyrimoz®, a biosimilar for Humira®, which Cordavis has contracted Sandoz to help bring to market. Cordavis Hyrimoz® will cost more than 80% less than Humira®.
“CVS Health has a history of bringing innovative solutions to the market that lower the cost of drugs and ensure people have access to the medications they need to stay healthy,” said Shawn Guertin, Chief Financial Officer, CVS Health. “Cordavis is a logical evolution for us and will help ensure sufficient supply of biosimilars in the U.S. and support this market now and in the future, while ultimately improving health outcomes and reducing costs for consumers.”
“Biosimilars are crucial to creating competition and reducing costs for specialty pharmaceuticals where drug prices are rising the fastest,” said Prem Shah, Chief Pharmacy Officer and Co-President of the Pharmacy and Consumer Wellness segment. “Through our direct involvement, we will expand the supply chain and ensure biosimilar availability in the market. We have assembled a talented team at Cordavis and look forward to the value this business will deliver to patients and payors.”
