Austin News

U.S. Senators John Cornyn and Michael Bennet have introduced the Increasing Access to Biosimilars Act in an effort to reduce prescription drug costs for seniors. The bill aims to promote competition and encourage physicians to prescribe biosimilar medications with lower out-of-pocket costs.

Sen. Cornyn highlighted the importance of the legislation by stating, “Far too many seniors forgo treatment because they can’t afford the high cost of prescription drugs.” He further explained, “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.”

Sen. Bennet also emphasized the urgency of addressing the escalating costs of prescription drugs, especially for vulnerable populations. He stated, “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.” Bennet added, “This legislation would increase patient access to lower-cost biosimilars, saving them and our health care system money.”

The Increasing Access to Biosimilars Act aims to tackle the disparity in reimbursement rates for biologic products compared to biosimilars under Medicare Part B. The bill proposes the establishment of a shared savings demonstration project by the U.S. Department of Health and Human Services to enhance access to biosimilars in the Medicare Part B program. Through this initiative, Medicare would provide additional payments to providers for using lower-cost biosimilar products, fostering competition, encouraging the prescription of biosimilars, and ultimately increasing patient access to affordable, life-saving drugs while reducing out-of-pocket expenses.

The bipartisan legislation has garnered support from various industry stakeholders, including the Biosimilars Forum, Association for Accessible Medicines, Viatris, Biosimilars Council, and American Podiatric Medical Association.