Celltrion has struck a deal with Costco Health Solutions to sell its recently launched biosimilar drug Steqeyma at the retail giant’s pharmacies across the United States, advancing the Korean company’s push into the world’s largest pharmaceutical market.
The agreement with Costco’s pharmacy benefit manager gives Steqeyma “preferred drug” status, potentially allowing it to replace Johnson & Johnson subsidiary Janssen Biotech’s Stelara in insurance formularies. This positioning could significantly boost prescriptions for Celltrion’s alternative treatment.
Launched just two weeks ago, Steqeyma is designed to treat several autoimmune conditions including moderate to severe plaque psoriasis, psoriatic arthritis, Crohn’s disease, and ulcerative colitis. The biosimilar entered the market with an aggressive pricing strategy, offering an 85% discount compared to Stelara’s wholesale acquisition cost.
The Korean drugmaker is nearing completion of negotiations with one of the top three pharmacy benefit managers in the U.S., which would further expand market access for Steqeyma.
Pharmacy benefit managers play a crucial role in America’s pharmaceutical supply chain by negotiating prices and determining which medications receive preferential coverage under insurance plans. By securing placement in these networks, Celltrion aims to capture market share from established treatments.
