Easier Access to Lower Cost Medicines for Seniors
This act aims to facilitate mid-year changes to drug formularies, especially for biosimilar medications. This could allow insurance companies to introduce cheaper alternatives more quickly, potentially lowering prescription drug costs for individuals enrolled in Medicare Part D.
Key points
Allows insurance companies to add cheaper biosimilar drugs to their formularies more quickly during the year.
Permits changes to the status of more expensive reference drugs on the formulary if a cheaper biosimilar equivalent is added simultaneously.
May lead to lower prescription drug costs for seniors covered by Medicare Part D, increasing access to more affordable options.
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