On November 8, 2019, Aimed Alliance submitted a comment to congressional leaders regarding the Lower Health Care Costs Now Act of 2019, which is a proposal moving through the U.S. House of Representatives that attempts to address the rising costs of prescription drugs. This letter supported the legislation’s provision that would implement a $2,000 cap on out-of-pocket costs for Medicare Part D, which is intended to fix the Part D coverage gap that could cause beneficiaries to face a large spike in their out-of-pocket costs in 2020. However, Aimed Alliance opposes the legislation’s proposal to increase the reimbursement rate for biosimilar products from Average Sales Price (ASP) + 6 percent to ASP + 8 percent. Aimed Alliance highly supports the adoption of biosimiliars because they are safe and effective treatment options that can increase competition and drive down drug costs. However, this proposal could cause Medicare beneficiaries to pay more out-of-pocket for biosimilar products than they would for biologic products.
Read our comment to learn more.