health
Congress should pass Red Tape Elimination Act to lower drug costs
Last year, 43% of U.S. adults did not take their medication as prescribed because of the cost of prescription drugs. These rising drug prices hit American seniors, small businesses, and middle-class families the hardest.
TL;DR
- 43% of U.S. adults skipped medication due to cost last year.
- Biologic medicines, though 5% of prescriptions, account for 51% of drug spending.
- Biosimilars cost up to 50% less than reference biologics and have the potential to save an additional $181 billion in the next five years.
- The Red Tape Elimination Act would designate all FDA-approved biosimilars as interchangeable and remove the one-year market exclusivity period for the first interchangeable biosimilar.
- Current barriers delay competition, keep prices high, and create confusion, unlike in Europe where all biosimilars are considered interchangeable.
- The Act would allow pharmacists to substitute biosimilars at the counter without a new prescription, similar to generics.
- Passing this legislation is timely due to the "biosimilar void," where few biosimilars are in development for biologics losing patent protection.