Congressman Kurt Schrader (OR-05) and Congressman Greg Gianforte (R-MT) introduced the bipartisan Bolstering Innovative Options to Save Immediately on Medicines (BIOSIM) Act. This legislation will increase reimbursements for biosimilar drugs and boost their utilization by doctors.
“Biosimilars have long struggled to grow in utilization and the BIOSIM Act will help them gain market share by providing an incentive for biosimilars that are lower cost than the biologic,” said Congressman Kurt Schrader. "Costs for patients and the healthcare system will go down with the transition to greater use of lower cost biosimilar drugs. There is no doubt that this bill is a win-win for patients and providers.”
The BIOSIM Act will temporarily increase the reimbursement for biosimilar drugs from the average sales price (ASP) of the drug plus six percent to the average sales price (ASP) of the drug plus eight percent for five years to help increase their utilization by doctors. Currently, Medicare patients pay a twenty percent coinsurance on Part B drugs which both biologics and biosimilar are. Biologics are higher cost drugs and the result of this legislation would be a reduction inpatient cost-sharing by increasing the use of lower cost biosimilars. This will result in savings for the government and patients.
Tags: Health Care