AAM Applauds Senate Finance’s Meaningful Effort to Reduce Drug Prices for America’s Patients

WASHINGTON, DC (July 23, 2019) –“The bipartisan proposal from Senate Finance takes meaningful steps to increase access and reduce the cost of prescription drugs for America’s patients. We appreciate the recognition by Chairman Grassley and Ranking Member Wyden of the value provided by generics and biosimilars to the nearly 60 million seniors in Medicare.

“This legislation is a step in the right direction and we look forward to working with the Chairman and Ranking Member to address the misaligned incentives that are preventing Medicare’s seniors from benefitting fully from the record-level number of FDA approvals of generic and biosimilar medicines. Last year, generics saved seniors $90 billion in Medicare, yet at least $9 billion more in biosimilar and generic savings went unrealized.”

Attribute to: Chip Davis, AAM President and CEO

MEDIA CONTACT:
Rachel Schwartz
202.249.7147 
 

About AAM

AAM is driven by the belief that access to safe, quality, effective medicine has a tremendous impact on a person’s life and the world around them. Generic and biosimilar medicines improve people’s lives, improving society and the economy in turn. AAM represents the manufacturers and distributors of finished generic pharmaceuticals and biosimilars, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals are 90 percent of prescriptions dispensed in the U.S. but only 22 percent of total drug spending. 

About the Biosimilars Council

The Biosimilars Council, a division of the Association for Accessible Medicines (AAM), works to ensure a positive environment for patient access to biosimilar medicines. The Biosimilars Council is a leading source for information about the safety and efficacy of more affordable alternatives to costly brand biologic medicines. Areas of focus include public and health expert education, strategic partnerships, government affairs, legal affairs and regulatory policy. More information is available at www.biosimilarscouncil.org.