Josh Canavan, PharmD

 focuses on the critical issue of cost-related nonadherence in biologic treatments and the role of biosimilars in delivering promised savings. Despite the FDA approving 68 biosimilars, they currently make up only 2% to 3% of the U.S. biologics market, with market share varying significantly between individual markets, ranging from 8% to 82%.

Biosimilars have, however, demonstrated significant cost savings over the past decade. According to data from the Association for Accessible Medicines (AAM), generics and biosimilars collectively saved the U.S. a total of $445 billion by the end of 2023. Biosimilars alone accounted for $12.4 billion in savings in 2023, bringing total savings to $36 billion since their introduction in 2015. Despite these savings, barriers remain, as many biologics set to lose patent exclusivity in the coming years lack biosimilars in development. Addressing cost-related nonadherence and leveraging artificial intelligence (AI) to streamline prescribing processes and increase biosimilar utilization are key topics of discussion.

Josh Canavan, head of pharmacy at RazorMetrics, provides insights into why, despite the substantial savings biosimilars offer, they still represent only 23% of the overall biologics market. The conversation explores how AI-powered tools are assisting physicians in transitioning to biosimilars, enabling patients to access life-saving treatments at a fraction of the cost. As the 10th anniversary of the first biosimilar approval is observed, the discussion highlights the importance of automation, policy reforms, and increased adoption to bridge the affordability gap and expand patient access to these critical treatments.

To learn more about the 10th anniversary of the first FDA biosimilar approval and current insights into the biosimilar industry, 

To learn more about how much biosimilars have saved so far, 

To read more about Josh's views on the pharmaceutical landscape in 2025, 

Podcasts

Despite saving billions, biosimilars still account for only a small share of the biologics market—what's standing in the way of broader adoption and how can artificial intelligence (AI) help change that?

How AI Can Help Address Cost-Related Nonadherence to Biologic, Biosimilar Treatment

Josh Canavan, PharmD.

In an interview with Josh Canavan, PharmD, head of pharmacy at RazorMetrics, he discussed the role of pharmacy benefit managers (PBMs) in the biosimilar landscape. He emphasized the importance of PBMs in the development and approval process of biosimilars, and how they are responsible for ensuring that these medications are safe and effective.


Canavan also highlighted the importance of PBMs in educating patients and providers about biosimilars.

This transcript may be lightly edited for clarity. 

Do you have a preferred recommendation when you are suggestion education models for physicians and pharmacists?

The FDA has done a great job of providing education, and people typically trust that 

] also give specific links to clinical trials comparing biosimilars with biologics. There's a lot of data out there, so if you link directly to that clinical trial, specifically for a pharmacist or for a physician, they can see it in its original form basically, not something that we've created or something we've tailored. They can see the data. They can see all the endpoints that are there.

Multiple pieces of information help like the FDA website, clinical trials, and then we have our own section where we break it down a little bit simpler for patients or someone who's just not familiar with it quite yet.

What do you wish more people understood about the role PBMs play in the biosimilar space?

I think one of the things that maybe gets overlooked with PBMs is the amount of research they do before they put a medication onto their formulary. They typically have their own clinical teams, pharmacists, physicians, who are looking at all of these medications. They do research, they read the clinical trials like we've talked about, they look at comparative studies between biosimilars and biologics.

There's a lot of thought and detail that goes into it before it makes it on to their formulary. Once a PBM has added something to the formulary, they're very confident about its efficacy, its availability, how it's going to be received in the market.

I think that might be overlooked, the overall amount of time and effort that PBMs put into creating formularies, updating them, and making sure everything is correct for their members.

Videos

Josh Canavan, PharmD, head of pharmacy at RazorMetrics, recommends key educational resources for biosimilars, and emphasizes the extensive research conducted before pharmacy benefit managers (PBMs) add medications, including biosimilars, to their formularies.

Josh Canavan, PharmD

How AI Can Help Address Cost-Related Nonadherence to Biologic, Biosimilar Treatment

Understanding Biosimilars Through Education and PBM Formulary Perspective