CVS Launches Cordavis To Make US Biosimilars More Accessible, Affordable

Pharmacy giant CVS Health Corp. has launched a wholly owned subsidiary called Cordavis to work directly with manufacturers to commercialize and/or produce biosimilars. The subsidiary will build a portfolio of products with the aim of improving access to biosimilars and affordability in the US. CVS said in its announcement late on 23 August that creating more competition should drive down product prices in the US biosimilar market, which is projected to grow from less than $10bn in 2022 to more than $100bn in 2029.

It remains to be seen whether increased competition in the biosimilar space is the key to boosting overall growth of the field – a big hypothesis that will be tested over the next few years as a growing number of biosimilars of the biopharmaceutical industry’s former bestseller, AbbVie Inc.’s Humira (adalimumab), battle for market share