Statement by Ralph G. Neas, President and CEO, GPhA, Regarding H.B. 3734 in Massachusetts
Published Online: Tuesday, June 24, 2014
June 24, 2014-- “GPhA applauds the Massachusetts state legislature for passing legislation allowing interchangeable biologics to be automatically substituted at the pharmacy. Laws that avoid unnecessary requirements around these new medicines not only increase patient access, but also will enable public and private payors to achieve significant savings by facilitating substitution of interchangeable biologics for more expensive versions. Massachusetts provides a compelling example of policy that embraces a practical approach.
As we get closer to the point when patients across the U.S. will be able to access these safe alternatives to costly brand name biologics, GPhA continues to support legislation that does not add burdens to current pharmacy practice and upholds the intent of the Biologics Price Competition and Innovation Act (BPCIA).”
Generics saved $239 billion in 2013 (a 14% increase in savings from 2012) and more than $1.46 trillion over the recent decade. Further, the Express Scripts 2013 Drug Trend Report issued in 2014 shows that since 2008, the price of brand drugs has almost doubled, but the price of generic drugs has been cut roughly in half.