Washington, D.C. — U.S. Senators Michael Bennet (D-Colo.) and John Cornyn (R-Texas) introduced the Increasing Access to Biosimilars Act to lower prescription drug costs for seniors. This legislation will boost competition and encourage physicians to prescribe biosimilar medications with lower out-of-pocket costs.
“The skyrocketing cost of prescription drugs means that many Americans have to choose between life-saving medications and putting food on the table, especially seniors, communities of color, and the millions of people living on fixed incomes,” said Bennet. “This legislation would increase patient access to lower-cost biosimilars, saving them and our health care system money.”
“Far too many seniors forgo treatment because they can’t afford the high cost of prescription drugs,” said Cornyn. “This legislation would help lower the costs of prescription drugs by expanding access to biosimilars, which offer the same lifesaving benefits without the higher price tag.”
Currently, Medicare Part B providers are reimbursed at a higher rate for biologic products than lower-cost biosimilars, and when they prescribe them Medicare beneficiaries are forced to pay more out of pocket . This legislation would direct the U.S. Department of Health and Human Services to establish a shared savings demonstration project to increase access to biosimilars in the Medicare Part B program. Under the demonstration, Medicare would provide an additional payment to providers for using lower-cost biosimilar products, which would increase competition, encourage physicians to prescribe biosimilars, and increase patient access to more affordable, lifesaving drugs while lowering out-of-pocket costs.
Bennet and Cornyn previously introduced this legislation in April 2021.
This legislation is supported by the Biosimilars Forum, Association for Accessible Medicines, Viatris, Biosimilars Council, and American Podiatric Medical Association.
The text of the bill is available HERE.