Biosimilars Forum Applauds CMS Biosimilars Measure
CMS Action Supports Free-Market Competition to Lower Prescription Drug Prices
Juliana M. Reed, executive director of the Biosimilars Forum, released the following statement after The U.S. Center for Medicare and Medicaid Services (CMS) provided guidance on its ASP+8% policy. The Forum applauds the program’s support for competition, benefit to taxpayers, and ability to lower prescription drug costs.
“The Biosimilars Forum applauds CMS for the quick implementation of its ASP+8% policy, which helps build a competitive biosimilars market and provides long-term, sustainable savings for patients and the Medicare program. We agree with CMS Administrator Brooks-LaSure and HHS Secretary Becerra’s recent comments that payment changes for certain biosimilars in Medicare Part B will increase competition, promote access, and ultimately save American taxpayers and patients money.
“The Forum thanks federal lawmakers, regulators, and Administration officials for proactively promoting this policy and its ability to lower drug prices in a competitive marketplace. The Forum wholeheartedly supports a competitive environment that enables safe, effective, and lower-cost biosimilars to thrive.
“This guidance will have real-world benefits. By increasing the add-on payment for certain biosimilars, the U.S. can reduce healthcare costs by as much as $8.2 billion over the next decade, while also driving the price down for all biologics.
“Still, more must be done to support biosimilars. Biosimilar development is a lengthy and costly process for American companies. We continue to stand ready to work with the Biden Administration, policymakers on both sides of the aisle, and federal regulators to ensure patients have full access to biosimilars now and in the future to achieve real, long-term cost savings.”
For more information on the Biosimilars Forum’s work to increase access to lower-cost biosimilars, visit biosimilarsforum.org.
For more information on CMS’ policy guidance and educational materials, visit https://www.cms.gov/medicare/medicare-fee-for-service-part-b-drugs/mcrpartbdrugavgsalesprice.
The information and other supporting collateral is also available on the Biosimilars Forum website at https://biosimilarsforum.org/2022/10/04/inflation-reduction-act-asp8-biosimilars-payment-increase/.