WASHINGTON – U.S. Senators John Cornyn (R-TX) and Michael Bennet (D-CO) today introduced the Increasing Access to Biosimilars Act, which would address the high cost of prescription drugs for seniors by promoting competition, increasing access to biosimilar medications, and encouraging physicians to prescribe biosimilars with lower out-of-pocket costs.
“Seniors have been hit hard by skyrocketing costs for the prescription drugs they need,” said Sen. Cornyn. “This legislation would encourage competition by promoting the use of biosimilars, which have a lower out-of-pocket cost but provide the same potentially lifesaving benefits.”
“Prescription drug costs have drastically increased in recent years, placing a major financial burden on seniors, minority communities, and millions of Americans living on fixed incomes who require their prescribed medication to live their life,” said Sen. Bennet. “This bipartisan legislation would share lower-cost biosimilars with patients, saving them and our health care system billions of dollars.”
The Increasing Access to Biosimilars Act would direct the Department of Health and Human Services to create a shared savings demonstration program for biosimilar drugs in the Medicare program, which will help increase competition and expand access to biosimilars. Additionally, it will encourage physicians to prescribe less-expensive biosimilars in order to lower out-of-pocket costs to seniors.
The bill is supported by the Biosimilars Forum and Mylan.