Rep. Schrier’s Legislation to Allow First Generic Insulin Implemented by FDA, Will Save People with Diabetes Millions of Dollars a Year for Life-Saving Insulin
WASHINGTON, DC – Congresswoman Kim Schrier, M.D. (WA-08) is applauding the Food and Drug Administration (FDA)'s announcement that it will be implementing her bipartisan legislation, the Protecting Access to Biosimilars Act. Increasing the use of biosimilars is expected to save people with diabetes and health plans over $100 billion over the next four years.
"As a doctor with Type 1 diabetes who depends on insulin for life, I am thrilled to see the Food and Drug Administration taking major action to bring biosimilars, more commonly known as generics, to market. This is a new category of generics that will significantly reduce the cost of insulin," said Rep. Schrier. "My insulin has tripled in price in the last 10 years and now costs over $300 per bottle. We must do everything possible to make more affordable treatments widely available, because right now for too many of my patients and people across the country, the cost of insulin is a life-or-death issue. This news from the FDA is a great step towards more affordable insulin. I'm so glad to see my legislation come full circle."
The FDA's announcement means that pharmacists will be allowed to automatically substitute the less expensive biosimilar version of insulin, just like they do for generics of other drugs. This will save people with diabetes around $200 a month on insulin costs.
"This is a momentous day for people who rely daily on insulin for treatment of diabetes, as biosimilar and interchangeable biosimilar products have the potential to greatly reduce health care costs," said Acting FDA Commissioner Janet Woodcock, M.D. "Today's approval of the first interchangeable biosimilar product furthers FDA's longstanding commitment to support a competitive marketplace for biological products and ultimately empowers patients by helping to increase access to safe, effective and high-quality medications at potentially lower cost."
The Protecting Access to Biosimilars Act was introduced by Reps. Schrier, DeGette, Reed and Guthrie in April 2019 to pave the way for less expensive versions of brand name insulins. It was signed into law in December 2019.
More information on the FDA's announcement: https://apnews.com/article/business-science-health-8c698faa57d55ce73bc7422cfd22ca89
More information on Rep. Schrier's legislation: /media/press-releases/rep-schrier-introduces-bipartisan-bill-bring-down-insulin-prices