The Biosimilars Forum Calls on President Biden to Incentivize Biosimilars to Lower Prescription Drug Costs
Juliana M. Reed, executive director of the Biosimilars Forum, released the following statement after President Biden’s 2022 State of the Union address in which he highlighted tackling the high price of prescription drugs as a policy priority:
“As President Biden outlined in his speech, prescription drug prices in the United States are out of hand and this is largely driven by biologics. Biologics make up just two percent of U.S. drug prescriptions, yet they account for 40 percent of total drug spending. Safe and effective biosimilars are the commonsense, bipartisan solution to drive down the cost of prescription drugs while bringing relief to Americans paying too much for their life-saving medications.
“Last July, President Biden called on federal agencies and policymakers to promote biosimilars in his administration’s Executive Order on Promoting Competition in the American Economy. It is now more important than ever that agencies and lawmakers advance access to biosimilars through incentives and education to patients and providers.
“If their use rises, biosimilars are projected to reduce drug costs by $133 billion over the next five years. In order to deliver this needed savings, the Biosimilars Forum stands ready to roll up our sleeves and work with lawmakers on both sides of the aisle to advance policies that make biosimilars accessible and available to all Americans who need them.”
For more information on the Biosimilars Forum’s work to increase access to lower-cost biosimilars, visit biosimilarsforum.org.