Europe ready to cash in on cheap copies of AbbVie biotech drug - (Yahoo!Finance via NewsPoints Desk)

  • Biosimilars of AbbVie's Humira are expected to be launched in Europe by mid-October, as reported Yahoo!Finance Wednesday.

  • The sales of the biosimilars, which will be launched by Amgen, Boehringer Ingelheim, Novartis' Sandoz unit and Samsung Bioepis, will be closely watched by the wider biotechnology industry.

  • AbbVie estimated that it expects AbbVie sales in Europe to fall by 18 percent to 20 percent by the end of next year.

  • Meanwhile, the rapid uptake of biosimilars for other therapies, including Merck & Co.'s Remicade, Pfizer's Enbrel and Roche's Rituxan, has surprised many experts.

  • Although Chad Pettit, head of value and access for biosimilars at Amgen, declined to provide details regarding potential discounts, Merck noted that its discounts for Remicade in Europe average 45 percent.

  • However, analysts indicated that global Humira revenue will continue to climb until biosimilars are launched in the US in 2023.

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