CSRXP APPLAUDS U.S. SENATE REINTRODUCTION OF BIPARTISAN SOLUTION TO PROMOTE GREATER BIOSIMILAR COMPETITION IN THE PRESCRIPTION DRUG MARKET
Legislation Would Remove Regulatory Barriers to Foster Greater Competition from More Affordable Alternatives to High-Priced Biologic Medications
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued the following statement Friday on the introduction of the “Biosimilar Red Tape Elimination Act” (S.1954) in the U.S. Senate.
“CSRxP commends Senators Lee (R-UT), Paul (R-KY), Hassan (D-NH) and Luján (D-NM) for supporting greater competition in the prescription drug marketplace with the reintroduction of the bipartisan Biosimilar Red Tape Elimination Act,” said CSRxP executive director Lauren Aronson. “By eliminating outdated FDA requirements, this bipartisan, market-based solution will help bring more biosimilars to market more quickly, fostering greater competition from more affordable alternatives to high-priced brand name drugs to help lower prices for patients, taxpayers and the U.S. health system.”
The Biosimilar Red Tape Elimination Act would promote policies that increase the uptake of more affordable pharmaceuticals by expediting biosimilar substitution. CSRxP has previously supported efforts at the FDA to incentivize outcome reporting on patients who switch from brand biologics to biosimilars in clinical trials to educate patients and providers on the results of these studies and programs, as well as expand Medicare and Medicaid administrative policies that promote biosimilar uptake.
Read more about how biosimilar competition lowers out-of-pocket costs for patients HERE.
Read more on bipartisan, market-based solutions to hold Big Pharma accountable HERE.
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