President Trump recently signed an executive order that lowers prescription drug costs by tying US drug prices to prices paid in other developed nations. In order to maintain the momentum of the president’s bold move, immediate administrative action should be taken by CMS to lower costs of the most expensive drugs by expanding use of biosimilars.
Biosimilars present a lower-cost alternative to originator biologics, which make up all the top 10 most expensive drugs in Medicare Part B. If their use is incentivized, these next-generation generics have the potential to save the U.S. health care system up to $250 billion over the next ten years. Furthermore, expanded use of biosimilars will also mean greater access to treatment for people in need. Read more here.
(Source: John Michael O’Brien, Herald Tribune, Aug 22, 2020)