The U.S. House Energy and Commerce Committee on Dec. 6 voted 48-0 to pass a bipartisan bill led by U.S. Rep. John Joyce (R-PA) that aims to help lower prescription drug prices for America’s senior citizens. The bill now heads to the full chamber for action.
“I’m grateful to … all of the members of the Energy and Commerce Committee for their unanimous support of this legislation,” Rep. Joyce said.
The congressman on Sept. 8 sponsored the Expanding Seniors’ Access to Lower Cost Medicines Act of 2023, H.R. 5372, alongside original cosponsor U.S. Rep. Scott Peters (D-CA).
If enacted, H.R. 5372 would increase access to new biosimilar medications for seniors using Medicare Part D plans by allowing mid-year formulary adjustments to account for the approval of new lower cost medications, according to a bill summary provided by Rep. Joyce’s staff.
Currently, Medicare Part D plans cover a wide range of medications, but oftentimes new medications are approved for use between formulary adjustments, the summary says.
By allowing biosimilars inclusion through mid-year formulary adjustments, H.R. 5372 could help reduce costs for seniors and ensure their access to life-saving medications, according to Rep. Joyce.
“Making sure that seniors are able to afford their medications must continue to be one of our top priorities as we work to support patients,” he said. “This legislation would make Medicare more efficient, and lower cost medications more accessible for the patients who are most in need.”