Following the introduction of legislation by Congressmen Scott Peters (D-CA), Pete King (R-NY) and Anthony Brindisi (D-NY) that waives patients out-of-pocket costs for biosimilars under Medicare Part B, the Biosimilars Forum released the following statement in support of the proposed legislation:
“Patients and taxpayers win with this legislation. This bipartisan bill directly reduces out-of-pocket costs and provides system-wide health care savings in the Medicare program. The Biosimilars Forum commends Congressmen Scott Peters (D-CA), Pete King (R-NY) and Anthony Brindisi (D-NY) for putting forth a real solution by eliminating biosimilars co-pays for our nation’s seniors and patients in Medicare Part B.
This legislation not only supports development of the second generation of lower-cost drugs by increasing biosimilar use in the U.S., it also alleviates the financial burden for millions of Americans as they struggle to afford these life-saving treatments. A recent analysis showed that reducing patients’ out-of-pocket costs for biosimilars can save up to $5.2B in taxpayer dollars over ten years and that seniors in Medicare can save as much as $3.3B in out-of-pocket costs over the same period.
To date, there are 23 FDA-approved biosimilars. With only 9 available to patients, uptake continues to be low, adding costs to taxpayers and patients. This is proof enough that more needs to be done by Congress, the Centers for Medicare and Medicaid Services (CMS), and others to spur and sustain a vibrant, competitive biosimilars market. We look forward to continued engagement with Members of Congress and the administration to implement policies that increase access to biosimilars and lower health care costs for patients.”
The eight member companies of the Biosimilars Forum that supports this policy include Boehringer Ingelheim, Coherus BioSciences, Fresenius Kabi SwissBioSim, Merck and Co., Inc., Pfizer, Samsung Bioepis, Sandoz, and Teva.
For more information on the potential savings that can be realized with increased access to biosimilars, visit supportbiosimilars.com.