Advancing Education on Biosimilars Act Passed
President Biden signed into law on April 23 the S.164, Advancing Education on Biosimilars Act of 2021, which will help increase competition and lower the cost of biologic medicines.
At the request of the NRLN Legislative Action Planning Committee (LAPC), I sent a letter to House Speaker Pelosi on April 5 requesting that she call for a vote on S.164 which was passed in the Senate on March 3 and sent to the House. I stated in my letter “this is an opportunity to get something done immediately.”
The House passed the bill on April 14 and sent it on April 20 to the President.
The new law will enhance education about biosimilar drug products in an effort to increase competition and lower the cost of biologic medicines which treat chronic illnesses, such as diabetes, rheumatoid arthritis and certain cancers.
Providing educational materials to patients and healthcare providers will improve confidence in the safety and effectiveness of these FDA-approved biosimilar products. Improved confidence in biosimilars would lead to increased use, which in turn would increase healthcare savings.
Biosimilar medications have no clinically meaningful differences from brand name biological drugs, but they can be just a fraction of the cost. Independent studies have estimated that biosimilars could save Americans potentially $54 billion in healthcare costs over 10 years.
Thanks to our Legislative Advisory Committee (LAC) for the hours these volunteers spend filtering out and researching all retirement-related bills introduced and send to the LAPC those that the NRLN should consider for support or oppose. Letters we send pay off but most important is that you open and send Action Alerts to your elected representatives. It takes all of us!
Bill Kadereit, President
National Retiree Legislative Network