(Washington, D.C.) — The Pharmaceutical Care Management Association (PCMA) issued the following statement on the introduction of the Biosimilar Red Tape Elimination Act:
“We applaud Senators Mike Lee (R-UT) and Ben Ray Luján (D-NM) for re-introducing the Biosimilar Red Tape Elimination Act to increase competition within the biosimilar market and improve access to more affordable alternatives to brand name prescription drugs.
“Increased competition in the prescription drug marketplace is a proven path to lower drug costs. Sens. Lee and Lujan’s legislation ‘would deem biosimilars as interchangeable with their branded equivalent upon their approval by the FDA. It also allows for use of switching studies in special circumstances.’
“America’s pharmacy benefit managers (PBMs) firmly support lower drug prices and encourage the removal of barriers that for too long have suppressed the biosimilars market. This legislation would increase competition for biologic drugs, providing added choice and flexibility for health plan sponsors and employers, and allow PBMs to leverage this enhanced competition to further reduce drug costs.
“PBMs are working with employers and other health plan sponsors to break down the barriers surrounding biosimilars and make them more accessible and affordable. PBMs are responding to an evolving market and working to promote biosimilars through innovative programs.
“Bringing more biosimilars to market, over time, will allow PBMs to more effectively leverage competition to reduce drug costs for health plan sponsors and patients. We urge policymakers to support the Biosimilar Red Tape Elimination Act and continue exploring ways to help PBMs promote innovation and make prescription drugs more affordable for Americans.”
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PCMA is the national association representing America’s pharmacy benefit companies. Pharmacy benefit companies are working every day to secure savings, enable better health outcomes, and support access to quality prescription drug coverage for more than 289 million patients.
