Statement by Chip Davis, President and CEO, GPHA, Regarding the PRICED Act
The Generic Pharmaceutical Association and its Biosimilars Council strongly support H.R. 5573 introduced this week by Sen. Sherrod Brown and Rep. Jan Schakowsky.
"The Generic Pharmaceutical Association (GPhA) and its Biosimilars Council strongly support H.R. 5573 introduced this week by Sen. Sherrod Brown (D-OH) and Rep. Jan Schakowsky (D-IL).
The Price Relief, Innovation, and Competition for Essential Drugs (PRICED) Act will speed patient access to more affordable versions of some of the most expensive medicines by markedly reducing biologic exclusivity and increasing pharmaceutical competition, consistent with proposals in the President’s budget.
GPhA and the Council welcome efforts to update U.S. law in ways that improve patient access to biosimilar medicines, which are FDA-approved alternatives to costly brand biologics.
Projected 10-year savings from biosimilars range from $44 billion to $250 billion. Health system savings hinge on policymakers and regulators taking steps to encourage a robust competitive market for these safe, effective and more affordable medicines. As brand and specialty drug costs rise at a concerning rate, the association looks forward to working with Congress and others to ensure timely access to biosimilar medicines. Faster access to biosimilars will increase patient access to life-saving medicines and increase savings to the U.S. healthcare system."