CVS Health said Wednesday it launched Cordavis, a subsidiary which will focus on biosimilar products for the U.S. pharmaceutical market.
Cordavis will work with manufactures to commercialize and/or co-produce biosimilar products. The products will be approved by the U.S. Food and Drug Administration, CVS said, adding it will ensure consistent long-term supply of affordable biosimilars.
Cordavis' has contracted with Sandoz to produce and bring to market Hyrimoz. Hyrimoz, or adalimumab-adaz, is a biosimilar for Humira. Cordavis list price for Hyrimoz will be more than 80% lower than the current list price of Humira, the company said.
CVS said the biosimilar market is expected to grow from less than $10 billion in 2022 to more than $100 billion by 2029.
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