News | March 20, 2024

Biosimilars Forum Announces Support For Increasing Access To Biosimilars Act

Bipartisan legislation introduced by U.S. Senators John Cornyn (R-TX) and Michael Bennet (D-CO) would lower prescription drug prices for seniors and promote free-market competition

Juliana M. Reed, executive director the Biosimilars Forum, released the following statement announcing support of bipartisan legislation promoting the use of lower-cost biosimilars. The Increasing Access to Biosimilars Act would establish a shared savings demonstration project to increase access to biosimilars under the Medicare program.

“The Biosimilars Forum fully supports the Increasing Access to Biosimilars Act. This legislation would increase access to lower-cost, FDA-approved biosimilars. Biosimilars could save Medicare beneficiaries and taxpayers billions of dollars each year. The Forum and I stand ready to help policymakers increase patient choice and cost-savings to these lower-cost medicines.

“Too often, seniors have been hit the hardest by out-of-control drug costs. It is time to put patients first. This bipartisan legislation would increase patient access to lower-cost biosimilars, encourage competition by promoting the use of biosimilars, and save our nation’s seniors and the health care system billions of dollars.

“Biosimilars are the answer to skyrocketing prescription drug prices. Biosimilars can save the U.S. health care system up to $133B if they are accessible.

“There is no better example of the cost-savings potential of biosimilars than Humira®. Biosimilar competition has occurred in less than 2% of the U.S. market, even as the list prices of ten Humira-referenced biosimilars are as much as 85% lower than that of Humira®. Based on the significantly lower prices of the biosimilars, Medicare beneficiaries and taxpayers have missed out on savings of close to $3B with higher biosimilar uptake for this one medicine alone in a single year.

“Biosimilars are a commonsense, bipartisan solution to one of the most important challenges facing Americans. The Biosimilars Forum supports free market competition in the pharmaceutical industry. We stand ready to work with both sides of the aisle and the Administration to prioritize patients and provide more choices for lower-cost drugs. Otherwise, the cost-savings promise of biosimilars could be lost forever.”

For more information on the Biosimilars Forum’s work to increase access to lower-cost biosimilars, visit

Source: Biosimilars Forum