President Biden’s Plan to Lower Drug Prices Highlights Need for Competition from Biosimilars

WASHINGTON, D.C. – President Joe Biden today called on Congress to lower prescription drug prices, including through competition from biosimilar therapies, which has the potential to save $100 billion over the next five years.  

“We thank President Biden for identifying and embracing biosimilars as a commonsense, bipartisan solution to lower prescription drug costs for seniors, taxpayers, and states across the country,” said Meaghan R. Smith, Executive Director of the Biosimilars Forum. “Biosimilars are safe, effective, lower-cost medicines that can provide patients relief from a variety of diseases, such as cancer and rheumatoid arthritis. We urge Congress to pass meaningful legislation that gives more patients access to lifesaving, lower-cost biosimilar therapies so we can realize the Affordable Care Act’s full potential to lowering drug costs.”

President Biden’s remarks come on the heels of the recently issued Executive Order directing the U.S. Department of Health and Human Services to increase support for generic and biosimilar drugs.

For more information on the Biosimilars Forum, visit biosimilarsforum.org.