Biologics and Biosimilars: Impact on Medical Supplies Inventory Management in US Hospitals

Written By Natalie Brooks, BS, CPT

Summary

  • The availability and use of biologics and biosimilars have a significant impact on the overall cost and inventory management of medical supplies in hospitals in the United States.
  • Biologics and biosimilars are unique products that require special handling and storage, which can affect inventory management practices in hospitals.
  • Understanding the differences between biologics and biosimilars and their impact on costs can help hospitals optimize their Supply Chain management processes.

Introduction

Biologics and biosimilars have become important components of modern healthcare, offering innovative treatment options for patients with complex medical conditions. However, the availability and use of these products also present challenges for hospitals in terms of cost and inventory management. In this article, we will explore how biologics and biosimilars impact the overall Supply Chain and equipment management practices in hospitals in the United States.

Understanding Biologics and Biosimilars

Biologics are complex molecules derived from living organisms, such as proteins, antibodies, and nucleic acids. They are used to treat a variety of conditions, including cancer, Autoimmune Diseases, and chronic illnesses. Biologics are often produced using recombinant DNA technology and require specialized manufacturing processes.

Biosimilars are biological products that are highly similar to an already approved biologic (reference product), with no clinically meaningful differences in terms of safety, purity, and potency. Biosimilars offer a more cost-effective alternative to biologics and can help reduce healthcare spending.

Differences in Handling and Storage

Biologics and biosimilars have unique characteristics that require special handling and storage procedures to maintain their stability and efficacy. Hospitals must ensure that these products are stored at the appropriate temperatures and conditions to prevent degradation and maintain their shelf life.

Licensing and Regulatory Considerations

The approval process for biologics and biosimilars involves rigorous testing and evaluation by regulatory agencies, such as the Food and Drug Administration (FDA). Hospitals must comply with all licensing and regulatory requirements to ensure the safe and effective use of these products.

Impact on Cost and Inventory Management

The availability and use of biologics and biosimilars can have a significant impact on the overall cost and inventory management practices in hospitals. Understanding the differences between these products and their implications for Supply Chain management is crucial for optimizing resource utilization and controlling expenses.

Cost Considerations

  1. Biologics are typically more expensive than traditional pharmaceuticals due to their complex manufacturing processes and specialized technologies.
  2. Biosimilars offer cost savings compared to biologics, making them an attractive option for hospitals looking to reduce healthcare expenditures.
  3. Hospitals must consider the total cost of ownership when evaluating biologics and biosimilars, taking into account not only the product price but also storage, handling, and administration costs.

Inventory Management Practices

  1. Biologics and biosimilars require careful inventory management to prevent stockouts and waste, as these products have limited shelf lives and specific storage requirements.
  2. Hospitals must establish efficient ordering and replenishment processes to ensure a consistent supply of biologics and biosimilars while minimizing carrying costs.
  3. Collaboration with suppliers and manufacturers is essential for optimizing inventory management practices and ensuring timely delivery of biologics and biosimilars.

Best Practices for Supply and Equipment Management

To effectively manage the availability and use of biologics and biosimilars, hospitals can implement the following best practices:

Utilize Technology

Implement inventory management systems and software solutions to track and monitor biologic and biosimilar inventory levels in real time, helping prevent stockouts and minimize waste.

Standardize Processes

Develop standardized protocols and procedures for handling, storing, and administering biologics and biosimilars to ensure consistency and compliance with regulatory requirements.

Engage Stakeholders

Collaborate with Healthcare Providers, pharmacists, manufacturers, and suppliers to streamline Supply Chain processes and improve communication and coordination of biologic and biosimilar orders.

Conclusion

The availability and use of biologics and biosimilars present both challenges and opportunities for hospitals in the United States. By understanding the differences between these products and their impact on cost and inventory management, hospitals can optimize their Supply Chain processes and ensure the efficient and effective use of biologics and biosimilars to benefit patients and healthcare organizations.

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Natalie Brooks, BS, CPT

Natalie Brooks is a certified phlebotomist with a Bachelor of Science in Medical Laboratory Science from the University of Florida. With 8 years of experience working in both clinical and research settings, Natalie has become highly skilled in blood collection techniques, particularly in high-volume environments. She is committed to ensuring that blood draws are conducted with the utmost care and precision, contributing to better patient outcomes.

Natalie frequently writes about the latest advancements in phlebotomy tools, strategies for improving blood collection efficiency, and tips for phlebotomists on dealing with difficult draws. Passionate about sharing her expertise, she also mentors new phlebotomists, helping them navigate the challenges of the field and promoting best practices for patient comfort and safety.

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