Increase Access to Biosimilar Drugs
Patients need access to affordable and innovative treatments.
That includes biosimilars, which are almost exact copies of biologic drugs. Like biologics, biosimilars can be used to treat many diseases such as cancers, colitis and a variety of autoimmune disorders, including rheumatoid arthritis.
For some patients, biosimilars can achieve meaningful results at a lower cost. RAND Health, an independent policy research group, estimates that biosimilars could save as much as $54 billion over the next decade. Last year alone, the FDA estimated biosimilars could have reduced health care spending by $4.5 billion.
Yet, insurance companies and pharmacy benefit managers work to block patient access to these innovative treatments. Why? Insurers keep biologics on their formularies to benefit from the PBM rebate scheme.
Congress is taking action to fix this broken system. HR 4597 empowers patients to take control of our health care decisions by requiring insurance companies and pharmacy benefit managers incorporate biosimilars into their formularies.
Patients are struggling with high insurance premiums and even higher out-of-pocket costs. We need access to every treatment option, including access to biosimilars.