This bipartisan bill will directly lower drug costs for Medicare Part B seniors prescribed biosimilars, lower-cost treatment options for cancers, Chron’s and Rheumatoid Arthritis.
Following the introduction of legislation by Senators Martha McSally (R-AZ) and Doug Jones (D-AL), 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:
This legislation is a critical step toward reinforcing the sluggish biosimilars market in the U.S., while also directly helping patients save money. Congress continues to recognize that the savings potential of biosimilars is the right thing to do for patients, taxpayers, and the health care system at-large. This bipartisan bill will offer $0 out-of-pocket costs for our nation’s seniors prescribed biosimilars and the increased use will lead to system-wide health care savings in the Medicare program.
Given that companion legislation has already been introduced in the House, it is incumbent upon Members of Congress in both parties and both chambers to vote for this commonsense legislation to lower drug costs. 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.
An analysis of this proposal found reducing patients’ out-of-pocket costs for biosimilars in Medicare Part B can save up to $5.2B in taxpayer dollars over ten years, directly saving seniors as much as $3.3B in out-of-pocket costs over the same period.
Congressmen Scott Peters (D-CA), Pete King (R-NY) and Anthony Brindisi (D-NY) introduced companion legislation in the House of Representatives in October 2019. A recent poll found that an overwhelming 78% of Americans are in favor of zero copay for biosimilars.
For more information on the potential savings that can be realized with increased access to biosimilars, visit www.supportbiosimilars.com.