Budget Estimate Confirms Biosimilar Bill Will Reduce Long Term Prescription Drug Costs (Sen. Mike Enzi)
June 26th, 2008
Budget estimates confirm that HELP Committee legislation to allow the Food and Drug Administration (FDA) to approve biosimilar therapeutics in an expedited way would produce significant reductions in prescription drug costs over the next 10 years.
This budget score confirms that our biosimilar therapeutics bill will save Americans billions of dollars in prescription drug costs. Our bill preserves incentives to develop new, life-saving therapies. Most importantly, we protect patient safety every step of the way.
The Congressional Budget Office (CBO) released a cost estimate yesterday of the “Biologics Price Competition and Innovation Act of 2007,” S. 1695, which the HELP Committee approved last year. CBO estimates that, if Congress enacts S. 1695, Americans will save approximately $25 billion on prescription drug costs over the next 10 years. The full CBO report is available at http://cbo.gov/ftpdocs/94xx/doc9496/s1695.pdf.
The Senate has put forth bipartisan, consensus legislation that will reduce costs, promote innovation, and protect patient safety. If the Leadership of the House is serious about controlling long-term health costs, they will take steps to pass this legislation soon, not wait until the next Congress.
Biologics are protein-based, highly-engineered drugs that mimic key biochemical reactions in living cells. Biologics in common use today include: Humulin, a replacement insulin for diabetics; Procrit, an anemia treatment for cancer patients; and Avonex, a therapy for persons with Multiple Sclerosis.
Biologics already are making it possible for thousands of Americans to live productive lives and are changing the way we treat deadly diseases like cancer and infectious diseases. Our bill holds new hope that we can further expand access of these remarkable medicines to more patients who need help combating deadly diseases.
This bipartisan bill, which Senator Ted Kennedy (D-MA), Chairman of the HELP Committee, Senator Orrin Hatch (R-UT), and Senator Hillary Clinton (D-NY) joined me in cosponsoring, is an important step to ensuring our aging population has access to innovative, affordable, and safe medicines.
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