Increasing Access to Biosimilars Act of 2023
The demonstration project is set to be voluntary for healthcare providers, allowing them to opt in or out and ensuring flexibility in participation. Importantly, while the bill proposes additional payments to participating providers, it explicitly states that these payments will not increase the cost-sharing for Medicare beneficiaries. The goal is to avoid any additional financial burden on patients while improving the delivery of care through biosimilars, which are often less expensive alternatives to reference biological products.
SB3934, known as the Increasing Access to Biosimilars Act of 2023, mandates the Secretary of Health and Human Services to establish a nationwide demonstration project focused on increasing access to biosimilar biological products under the Medicare program. The aim of this bill is to evaluate the benefits of introducing a shared savings payment model for providers administering biosimilars. This model is designed to provide an incentive for eligible healthcare providers to prescribe biosimilars, potentially leading to cost savings for the Medicare program and enhancing patient access to these treatments.
Notably, the bill requires certification from the Chief Actuary of the Centers for Medicare & Medicaid Services that the demonstration project will not lead to increased expenditures under Medicare. This safeguards against any potential financial pitfalls that could arise from the implementation of the project. Furthermore, the bill allows the Secretary to waive certain requirements of the Medicare program as necessary to implement the demonstration project, raising concerns among some stakeholders regarding oversight and the potential for unintended consequences in the execution of these waivers.