WASHINGTON — The Biosimilars Council today released Congressional testimony provided by Craig Burton, Executive Director of the Biosimilars Council before the House Ways & Means Health Subcommittee hearing: Lowering Costs for Patients: The Health of the Biosimilar Market.
“Unfortunately, the long-term sustainability of the biosimilar market is in doubt–a result of the combination of ill-considered government policies as well as abuses by both brand manufacturers and pharmacy benefit managers…,” said Craig Burton, executive director of the Biosimilars Council. “…If nothing changes, patients and the healthcare system will pay the price. A fully competitive biosimilar market could save the U.S. an additional $189 billion over the next decade—but those savings will vanish if biosimilars remain trapped in the void. This isn’t just a theoretical discussion; it’s a crisis that will impact real people: the diabetic patient struggling to afford their insulin, the cancer survivor burdened by high treatment costs, the retiree on a fixed income choosing between life-sustaining medicines and rent.
“As the U.S. biosimilars market has evolved over the last decade, challenges and policy priorities have as well. However, one thing remains clear–America’s patients and healthcare system rely on biosimilar medicines. We have the tools to fix this. Now, I implore policymakers to use them. The future of biosimilar competition—and the health of millions of Americans—depends on it.”
