CVS Health launches Cordavis
CVS Health has started a new company called Cordavis that will work with other manufacturers to create and sell a special type of medicine known as biosimilars in the US.
Biosimilars are like generic versions of biologic medicines, which are made from living cells. These are approved by the FDA and are just as good as the original but usually cheaper.
The goal is to make these medicines more available and affordable for people. This is important because the cost of drugs is a big concern in the U.S., and biosimilars offer a way to lower those costs. The market for these types of medicines is expected to grow from less than $10 billion in 2022 to over $100 billion by 2029.
Cordavis has already planned its first product. They’re working with a company called Sandoz to bring a cheaper version of a medicine called Humira to the market in 2024. This new version will cost more than 80% less than Humira.