Last week, Senator Bernie Sanders, I-Vermont, and Representative Elijah Cummings, D-Maryland, introduced legislation comprising 3 bills to curb the cost of prescription drugs.
Last week, Senator Bernie Sanders, I-Vermont, and Representative Elijah Cummings, D-Maryland, introduced legislation comprising 3 bills to curb the cost of prescription drugs.
The proposals introduced by Sanders and Cummings would allow the US to price prescription drugs at the median price from 5 countries: Canada, Britain, France, Germany, and Japan, where drug prices are usually significantly lower than in the United States. The legislation included the ability to open up generic competition to patent-protected US brand-name drugs that have been deemed “excessively priced.” A medication could achieve this designation if its price in the US is higher than the median price in the 5 aforementioned countries.
“Today I say to President Trump, if you are serious about lowering the cost of prescription drugs in this country, support our legislation and get your Republican colleagues on board,” said Sanders at a Capitol Hill press conference.
The proposal echoes a similar proposition made my HHS Secretary Alex Azar in October 2018, the International Pricing Index, whereby Medicare would more closely align its payment amount for select Part B drugs with prices paid in other nations.
Additionally, the legislation newly introduced by Sanders and Cummings would also allow HHS to negotiate prices in Medicare Part D, as well as allow consumers import lower-priced medications from Canada.
Lobbying group the Pharmaceutical Research and Manufacturers of America (PhRMA) came out against the proposal, stating that it “would wreak havoc on the US healthcare system. They would interfere with patient access to medicine, while also undermining the US intellectual property system, replicating the flawed policies of foreign governments and circumventing the [FDA]’s robust safety standards.”
The administration did not immediately comment on the proposed legislation.
Addressing ever-increasing drug prices in the United States has become a main focus of US politics since early 2018 when the Trump administration began introducing proposals to bring down drug costs. The introduced policy changes have received criticism from both sides of the aisle, with some stakeholders in the pharmaceutical industry alleging that the changes go further than legally allowed, while many Democrats have said the proposals don’t go far enough.
While several pharmaceutical companies temporarily froze prices on certain drugs last year, since the start of 2019 drug manufacturers have raised prices on more than 250 products, though most increases were under 10%.
Budget Impact Analysis of Biosimilar Natalizumab in the US
Projected savings from biosimilar natalizumab were $452,611 over 3 years, driven by decreased drug acquisition costs and a utilization shift from reference to biosimilar natalizumab.
Biosimilars in America: Overcoming Barriers and Maximizing Impact
July 21st 2024Join us as we explore the complexities of the US biosimilars market, discussing legislative influences, payer and provider adoption factors, and strategies to overcome industry challenges with expert insights from Kyle Noonan, PharmD, MS, value & access strategy manager at Cencora.
Biosimilars Policy Roundup for April 2024—Podcast Edition
May 5th 2024On this episode of Not So Different, The Center for Biosimilars® glances back at all the major biosimilar policy updates from April, including 2 FDA approvals, 1 European approval, and several insights into possible policy changes from the Festival of Biologics USA conference.
Hesitancy in MENA Nations to Adopt WHO Biosimilar Guidelines Hinders Market Development
July 17th 2024The World Health Organization’s (WHO) new guidelines for biosimilar approvals aim to save time and money for manufacturers in the Middle East and North Africa (MENA), but hesitancy among nations to adopt the guidelines is stifling market development of biosimilars.
BioRationality: Time to Get Rid of PBMs if Biosimilars Are to Succeed
July 15th 2024Sarfaraz K. Niazi, PhD, discusses the challenges with pharmacy benefit managers (PBMs) that plague the biosimilar industry and new legislation that attempts to reform their practices and encourage biosimilar adoption.