WASHINGTON – U.S. Senators John Cornyn (R-TX) and Michael Bennet (D-CO) today introduced the Increasing Access to Biosimilars Act, which would lower prescription drug costs for seniors by promoting competition and encouraging physicians to prescribe biosimilar medications with lower out-of-pocket costs:  

“Far too many seniors forgo treatment because they can’t afford the high cost of prescription drugs,” said Sen. Cornyn. “This legislation would help lower the costs of prescription drugs by expanding access to biosimilars, which offer the same lifesaving benefits without the higher price tag.”

“The skyrocketing cost of prescription drugs means that many Americans have to choose between life-saving medications and putting food on the table, especially seniors, communities of color, and the millions of people living on fixed incomes,” said Sen. Bennet. “This legislation would increase patient access to lower-cost biosimilars, saving them and our health care system money.”

Background:

Medicare Part B providers are currently reimbursed at a higher rate for biologic products rather than lower-cost biosimilars, and Medicare beneficiaries are forced to pay higher copays on brand name biologic products. This legislation would direct the U.S. Department of Health and Human Services to establish a shared savings demonstration project to increase access to biosimilars in the Medicare Part B program. Under the demonstration, Medicare would provide an additional payment to providers for using lower-cost biosimilar products, which would increase competition, encourage physicians to prescribe biosimilars, and increase patient access to more affordable, lifesaving drugs while lowering out-of-pocket costs. This legislation is endorsed by the Biosimilars Forum, Association for Accessible Medicines, Viatris, Biosimilars Council, and American Podiatric Medical Association.