The Biosimilars Forum Applauds Bipartisan Introduction of the BIOSIM Act
House Energy and Commerce Committee Members’, Reps. Kurt Schrader (D-OR) and Greg Gianforte (R-MT), New Bill Can Reduce Drug Costs and Generate Significant Health Care Savings for Taxpayers
WASHINGTON — Following the introduction of the “Bolstering Innovative Options to Save Immediately on Medicines (BIOSIM) Act” by Congressmen Kurt Schrader (D-OR) and Greg Gianforte (R-MT) that increases the ASP add-on payment rate for biosimilars in Medicare Part B, the Biosimilars Forum released the following statement applauding the proposed legislation:
The Biosimilars Forum commends the bipartisan efforts of Congressmen Kurt Schrader (D-OR) and Greg Gianforte (R-MT) for introducing ASP+8% legislation for biosimilar prescribers under Medicare Part B. This legislation is another key step in Congress’ efforts to reign in health care costs and bring meaningful drug pricing reform to patients and the health care system at-large.
This legislation will help guide physicians to lower-cost, safe and effective treatment options that reduce the financial burden for both patients and taxpayers. Enhancing provider reimbursements through an increased ASP add-on is essential to increasing biosimilars uptake and saving billions of taxpayer dollars. Indeed, a recent study found that an increased ASP add-on could reduce health care costs by as much as $8.2 billion over the next decade.
For years, originator biologics have had an unfair advantage in the health care marketplace, forcing patients to pay higher costs for life-saving treatments. FDA-approved biosimilars continue to be sidelined by agreements that incentivize prescribers to prescribe higher-cost biologics, undermining patient access. Currently, there are 23 approved biosimilars, but only nine are available on the market. Clearly, more needs to be done, and we look forward to working with Congress and the administration to implement commonsense legislation like the BIOSIM Act that will support a robust biosimilars market.
The eight member companies of the Biosimilars Forum that support 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.