Healthy competition and access to generics and biosimilars are essential for patients and the U.S. healthcare system
WASHINGTON (August 15, 2024) — The Association for Accessible Medicines, the leading trade association for generic and biosimilar manufacturers, today commented on the recent announcement from the U.S. Department of Health and Human Services regarding a fact sheet published by the Center for Medicare & Medicaid Services (CMS). The announcement aims to identify cost savings related to newly negotiated pricing for 10 select brand-name drugs.
Today’s announcement by CMS only highlights the folly of this government price setting scheme. CMS projects average savings of 22 percent on these selected brand pharmaceuticals, a figure that pales in comparison to typical savings from generics and biosimilars,
said David Gaugh, Interim President and CEO of AAM. The data is clear: generic and biosimilar competition is the best way to deliver low-cost drugs for patients and taxpayers. The uncertainty created by the IRA harms generic and biosimilar competition. We call on policymakers to address patent thickets, PBM brand drug rebates and other root causes that delay generic and biosimilar competition, rather than doubling down on government price setting.
For media inquiries, contact the Communications department at media@accessiblemeds.org.
About AAM
The Association for Accessible Medicines, your generics and biosimilars industry, 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 of finished generic pharmaceuticals and biosimilars, manufacturers 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 17.5 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.