Prescription for Change: Improving Competition to Lower Drug Prices

Rising prescription drug prices are a major concern for many Americans. One in four patients in the U.S. face financial challenges affording their medications and three in ten Americans say they did not take medications as prescribed due to cost, according to a 2022 Kaiser Family Foundation report.   

One remedy to high prices may be to increase access to biologics. These complex medicines, derived from living organisms, don’t have traditional generic versions. Biosimilars are designed to provide a nearly identical product in the marketplace and, within a few years, at a lower price. 

However, barriers to patient access to biosimilars exist. According to research from the Foundation for Research on Equal Opportunity (FREOPP), patients and the U.S. health care system face $24 billion in “excess” prescription drug spending by 2029 because of patent abuse blocking competition in the biologic marketplace.  

What is the future of biosimilars? Would patent reform increase biosimilar competition and lower prices And how can we bring down prices while also encouraging medical innovation?

The Hill will bring together policymakers and leaders from across the health care ecosystem to discuss strategies for increasing biosimilar competition to lower drug prices and create a more affordable system for consumers. 

Thursday, March 9, 2023
10:00 AM ET / 7:00 AM PT

Speakers:

• Rep. David Schweikert (R-AZ), Member, Ways & Means  Committee
• Sen. Tina Smith (D-MN), Member, Senate HELP Committee
• Lauren Aronson, Executive Director, The Campaign for Sustainable Rx Pricing
• Alex Brill, Founder and CEO, Matrix Global Advisors
• Priti Krishtel, Co-Founder & Co-Executive Director, I-MAK

Sponsor Perspective:

• JC Scott, President & Chief Executive Officer, PCMA

Moderator:

• Bob Cusack, Editor in Chief, The Hill

Questions for our speakers? Tweet us @TheHillEvents using #TheHillHealth

SPONSOR:

PCMA is the national association representing America’s more than 70 pharmacy benefit companies, who are working every day to secure savings, enable better health outcomes and support access to quality prescription drug coverage for more than 275 million patients. Pharmacy benefit companies are committed to achieving a more affordable health care future, including through solutions to foster a robust biosimilar market as a critical component of increasing competition and lowering drug prices.