HR 5372
Expanding Seniors' Access to Lower Cost Medicines Act of 2023
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to increase access to lower-cost medications for seniors by allowing prescription drug plans (PDPs) to make changes to their drug formularies mid-year, specifically regarding biosimilars. It allows PDP sponsors to switch the preferred or cost-sharing status of a reference biological product to a biosimilar product if the biosimilar is added to the formulary at a comparable level. The bill requires PDP sponsors to notify the Secretary of Health and Human Services before making these changes, but the Secretary’s approval isn’t required if a decision isn’t made within 30 days. This change is intended to encourage the use of biosimilars, which are similar but less expensive versions of biologic drugs.
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