Legislation Introduced to Expand Access to Lower Priced Alternatives to Brand Name Prescription Drugs

(KNSI) – New legislation introduced at the Capitol Wednesday would expand access to lower-priced alternatives to brand name prescription drugs.

The bill would require health plans and pharmacy benefit managers to cover all versions of the non-name brand alternatives to certain medications, known as biosimilars. The chief author of the bill, Representative Jennifer Schultz, says the goal of the bill is to “make pharmaceutical prescription drugs called biosimilars competitive with biologics to reduce the cost to consumers and make it more competitive.”

Right now, Rep. Schultz says, “biologics have a monopoly, essentially, and are making it very cost-prohibitive for people to afford their drugs.”

She praised the work of research scientists at Essentia Health and Mayo Clinic, which Schultz says will “help lower drug costs for Minnesotans and give health care systems the flexibility they need to negotiate lower prices for biosimilars.”

Co-sponsor State Senator Carla Nelson agreed, saying, “Minnesota is fortunate to have groundbreaking leaders like Mayo Clinic and Essentia Health innovating in this area. Biosimilars could save families hundreds, or even thousands, of dollars per month. Coverage for lower-cost biosimilars is a must-do.”

Biological and biosimilar medications are both regulated by the Food and Drug Administration. According to a press release about the bill, “biological medications account for almost 40% of all prescription drug spending, making them the most significant driver of prescription drug spending in the United States.”