Kevin Brady: “On behalf of seniors who rely on generic drugs, I include in the Record the following letter from generic and biosimilar…”

“On behalf of seniors who rely on generic drugs, I include in the Record the following letter from generic and biosimilar manufacturers, which explains the price controls in this Democrat bill will reduce competition from lower-cost generic and biosimilar medicines. That means fewer options for patients and worsening drug shortages. The Biosimilars Council, Washington, DC, July 11, 2022. Hon. Charles E. Schumer, Majority Leader, U.S. Senate, Washington, DC. Dear Leader Schumer: The Association for Accessible Medicines (AAM) and its Biosimilars Council share in the goal of lowering prescription drug costs for America's patients and seniors. However, in an effort to target high prices on brand-name drugs, the proposed prescription drugs reforms--in particular the Medicare negotiations framework--being considered as part of a revised reconciliation package will reduce patient savings from lower-cost generic and biosimilar medicines. Even though competition from generic and biosimilar medicines is the only proven solution to consistently lower the cost of prescription drugs, the proposed price setting scheme will reduce competition, harm future savings from generic and biosimilar medicines, and increase costs for employers and patients with private insurance. We thus urge all U.S. Senators to oppose the prescription drug reforms under consideration as part of a revised Build Back Better reconciliation package.…”