Statement by Chip Davis, President and CEO, GPhA, Regarding the PRICED Act
Contact: Steve Arnoff 202.249.7113
WASHINGTON, DC (June 24, 2016) — "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."
About the GPhA Biosimilars Council
The Biosimilars Council, a division of the Generic Pharmaceutical Association (GPhA), 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.
GPhA represents the manufacturers and distributors of finished generic pharmaceuticals, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals fill 88 percent of the prescriptions dispensed in the U.S. but consume just 28 percent of the total drug spending. Additional information is available at gphaonline.org. Follow us on twitter: @gpha.