Trump Administration’s Drug Plan Must Include Biosimilars to Lower Costs for Seniors and Medicare
Washington, DC — As the White House considers executive orders today on drug pricing, the Biosimilars Forum calls on the Trump Administration to deliver immediate savings by promoting competition, increasing access to biosimilar medications, and encouraging physicians to prescribe lower-cost biosimilars.
President Trump can unlock billions in savings for U.S. seniors, patients and Medicare Part B by helping seniors access biosimilars, the next generation of lower cost drugs,” said Juliana Reed, President of the Biosimilars Forum. “A shared savings program for biosimilars, through CMMI, is a straightforward solution to properly align incentives in a way that will encourage competition and drive down drug costs throughout the healthcare system.
Biosimilars are lower-cost alternatives to innovator biologics, life-changing treatment options for patients with diseases like cancer, Crohn’s disease, and rheumatoid arthritis. Innovator biologics are the top ten most expensive drugs in Medicare Part B. In the last year, eight policy solutions related to biosimilars have been introduced in Congress, making them a recognized bipartisan part of the solution to lower drug costs.
A shared savings program for biosimilars through the Center for Medicare & Medicaid Innovation (CMMI) does not require Congressional approval, but it already has broad, bipartisan support.
Earlier this month, Senators John Cornyn (R-TX) and Michael Bennet (D-CO) introduced bipartisan legislation to implement a “shared savings” model for biosimilars through CMMI, which would encourage the use of biosimilars to lower Medicare Part B spending — a policy that has been projected to save $3 billion in taxpayer dollars over the next ten years. This is a companion bill to bipartisan legislation introduced in the House in March by Congressmen Cardenas, Hudson, Fitzpatrick, and Craig.
For more information on biosimilars policies in Congress visit: supportbiosimilars.com.