AAM’S Biosimilars Council Applauds CMS Decision to Revise Biosimilars Reimbursement Policy
WASHINGTON, DC (November 2, 2017) — The Association for Accessible Medicines (AAM) and its Biosimilars Council praise the Centers for Medicare & Medicaid Services (CMS) decision to revise its current biosimilars reimbursement policy in Medicare Part B, as part of the Revisions to Payment Policies under the Physician Fee Schedule and Other Revisions to Part B for CY 2018 final rule (CMS-1676-P).
“The decision by CMS to shift biosimilars reimbursement to unique codes will not only increase patient access to more affordable, life-saving medicine, but also lower overall federal prescription drug spending,” says Christine Simmon, Executive Director of the Biosimilars Council and Senior Vice President of Policy & Strategic Alliances at AAM. “Today’s action will directly support the development of a thriving biosimilars market in the U.S.”
Led by the Biosimilars Council, a variety of stakeholders have urged the agency to provide each non-interchangeable biosimilar with a unique billing code and payment rate. A recent report by The Moran Company finds providing separate codes would save the federal government $11.4 billion over the next 10 years.
Media Contact: Rachel Schwartz, [email protected]
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 on our about page.
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 23 percent of total drug spending. Additional information is available at www.accesiblemeds.org.