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Forum Statement on Senate Finance Provision and New Amendment That Could Save Taxpayers and Seniors Billions

In response to today’s Senate Finance Committee markup of the drug pricing package, the Biosimilars Forum released the following statement:

It is critical to support the sustained development of biosimilars in the U.S. as they are the second-generation of generics and the future of medicine. The Forum supports the biosimilars provisions that create incentives in the Senate Finance committee’s drug pricing package, specifically the ASP+8 provision, that alone has the potential to save up to $8.2B over the next decade for patients and taxpayers. We also applaud the amendment offered by Senators Cassidy and Menendez to establish a Medicare Advantage Star Rating Program for biosimilars in Part D. The passage of these provisions is critical as they could improve the marketplace – saving taxpayers and seniors billions in health care costs.

As this package progresses, we look forward to continuing to support the Senate Finance Committee as they look for ways to eliminate existing disincentives that are blocking lower-cost biosimilars from alleviating the financial burden of health care costs for all Americans. We urge the committee to consider an additional provision that would remove patients’ out-of-pocket costs for biosimilars in Medicare Part B. This could increase accessibility of life-saving treatments and save taxpayers up to $5.2B and beneficiaries up to $3B dollars over the next ten years.

The eight member companies of the Biosimilars Forum 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.

Date

Thursday, July 25, 2019 - 2:45pm