(Washington, D.C.) — The Pharmaceutical Care Management Association (PCMA) released the following statement on the U.S. Senate Committee on Health, Education, Labor & Pensions (HELP) markup of the Biosimilar Red Tape Elimination Act (S. 2305):

“We urge the Senate HELP Committee to pass bipartisan legislation that would help remove barriers to increased competition within the U.S. biosimilar market and improve access to more affordable alternatives to brand name prescription drugs.

“PBMs strongly support the removal of barriers that for too long have suppressed the biosimilars market by streamlining the process for a biosimilar to achieve interchangeability upon FDA approval to increase biosimilar uptake and reduce confusion. This measure will increase competition for biologic drugs, providing added choice and flexibility for health plan sponsors and employers and allowing pharmacy benefit companies to leverage this enhanced competition to further reduce drug costs. Already, with new biosimilars coming to market, PBMs are preferring both the brand and biosimilar.

“Tomorrow’s vote is a step in the right direction, and we encourage the Senate to bring this bill up for a floor vote and for Congress to pass additional measures that will help support more competition in the prescription drug marketplace, including by cracking down on Big Pharma’s patent abuse that prevents more affordable options, such as biosimilars and generics, from coming to market.”

See why a more robust biosimilar market will help lower prescription drug costs HERE.

Read more about how PBMs support and encourage biosimilar competition HERE.

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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 275 million patients.