The Biosimilars Forum Supports Congressmen Cardenas, Hudson, Fitzpatrick, & Craig Introduction of H.R. 6179 — Lowering Costs For Taxpayers and Medicare Seniors with Biosimilars
As the generic equivalent of biologics, biosimilars cost on average 1/3 less than biologics, making them a key part of the solution to lowering healthcare costs. Following the introduction of legislation by Congressmen Cardenas, Hudson, Fitzpatrick, and Craig that directs the Centers for Medicare and Medicaid Services (CMS) to implement a “shared savings” model for biosimilars, the Biosimilars Forum released the following statement in support of the proposed legislation:
The Biosimilars Forum strongly supports this bipartisan effort by Congressmen Cardenas, Hudson, Fitzpatrick, and Craig that will encourage prescription of lower-cost biosimilars to treat some of the most complex diseases like cancer and rheumatoid arthritis. By sharing savings from lower-cost biosimilars with patients and doctors, patients will benefit from more options of less costly treatments. This is an important step forward as Congress continues its effort to reign in health care costs for patients and the health care system at-large.
We look forward to working with Congress and the administration to implement common sense legislation like H.R. 6179 that will support a robust biosimilars market.
A recent poll found that an overwhelming 73% of Americans are in favor of sharing savings, a policy that has been projected to save $3 billion in taxpayer dollars over the next ten years.
In the last several months, congressional members on both sides of the aisle have introduced legislation that would reduce out-of-pocket costs for biosimilars and incentivize physicians to proactively prescribe these safe, lower cost therapies. The policy released today, in addition to the existing bipartisan biosimilar proposals, will ultimately save money for millions of our nation’s seniors, patients and taxpayers.
For more information on the potential savings that can be realized with increased access to biosimilars, visit www.supportbiosimilars.com.