WASHINGTON — The Pharmaceutical Care Management Association (PCMA) has stated strong support for the newly reintroduced Biosimilar Red Tape Elimination Act, bipartisan legislation aimed at streamlining market access for biosimilars and lowering prescription drug costs for consumers.
Introduced by Senators Mike Lee (R-UT) and Ben Ray Luján (D-NM), the bill proposes to automatically deem biosimilars interchangeable with their brand-name biologic counterparts upon FDA approval and permits the use of switching studies in special circumstances. PCMA hailed the measure as a critical step toward fostering greater market competition and reducing drug costs.
“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,” the statement said.
“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,” PCMA stated. “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.”
PCMA emphasized the role of pharmacy benefit managers (PBMs) in driving biosimilar adoption through partnerships with employers and health plans and called the bill a timely move to dismantle longstanding regulatory barriers.
As PBMs continue to launch innovative programs to promote biosimilars, PCMA urged lawmakers to support the act and pursue additional policies that encourage innovation and affordability in the prescription drug space.
