Forum Statement in Response to Senate Finance Committee Advancing its Drug Pricing Package

The Biosimilars Forum issued the following statement in response to the Senate Finance committee advancing its drug pricing package:

Biosimilars are this country’s second generation of lower-cost drugs, and we are encouraged by the Senate Finance Committee’s support for incentivizing sustained biosimilar development to increase use in the U.S. – saving taxpayers and seniors billions in health care costs. The Biosimilars Forum specifically supports two biosimilars provisions in the Committee’s drug pricing package: ASP+8 for biosimilars in Medicare Part B and the Medicare Advantage (MA) Star Rating Program for biosimilars. We are committed to continuing our work with the Committee to advocate for increased use of biosimilars as it will alleviate the financial burden of health care costs for all Americans.

However, we urge the committee to consider implementing a policy provision that would provide direct savings for patients: removing the out-of-pocket costs for biosimilars in Medicare Part B. This policy to remove out-of-pocket costs has been analyzed and would likely save taxpayers up to $5.2 billion and Medicare Part B beneficiaries as much as $3 billion over the next decade.