As the pipeline for biologic drugs continues to flow, employers are looking to biosimilars for help in controlling the ever-increasing financial burden on employee benefits. Biosimilars are considered “highly similar” to FDA-approved biologic reference drugs, with no clinically meaningful differences in terms of safety, purity, and potency. They hold the promise of making life-saving medications more affordable while treating chronic diseases and can generate cost savings by increasing competition and lowering prices. Reference products still retain most of the market even when biosimilars are placed on formulary. Why? Because employers receive significant rebates from PBMs for the reference products. This action brief offers employer insights and action steps on the value of biosimilars and ways to address barriers.