IRVING, Texas, October 6, 2022 – This week, Vizient, Inc. offered support for the Biologics Competition Act of 2022, H.R. 8877. This important bipartisan legislation would strengthen the healthcare market by minimizing barriers to the substitution of interchangeable biological products and supporting access to these treatments.
Specifically, the bill would direct the Department of Health and Human Services (HHS) to conduct a study to evaluate challenges to substituting biological products with biosimilars and to share the study's findings with Congress. Additionally, HHS would be tasked with updating the Food and Drug Administration's (FDA) "Purple Book" to make changes to better align communications related to the substitutability of biological products with biosimilars and the communications related to drugs.
"Biosimilars have proven to be safe and effective while providing significant cost savings for providers and patients. In fact, biosimilars contributed over $12.6 billion in savings in the U.S. from 2015 through 2022. This effort to improve the substitution process for interchangeable biological products will make affordable and life-saving medications more accessible to those in need while reducing costs," said Steven Lucio, senior principal, pharmacy solutions. "We will continue to work closely with our government partners, such as the FDA and bill sponsors, along with Vizient members to improve adoption of biosimilars and interchangeable biological products, and ensure that pharmacists and other providers are supported when dispensing biological products."
Vizient thanks Representatives Miller-Meeks (R-IA), Murphy (R-NC), Barragán (D-CA) and Kuster (D-NH) for their leadership on this important legislation and looks forward to working together to advance the bill.
About Vizient, Inc.
Vizient, Inc., the nation's largest health care performance improvement company, serves more than 50% of the nation's acute care providers, which includes 97% of the nation's academic medical centers, and more than 20% of ambulatory care providers. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $130 billion in annual purchasing volume. Vizient's solutions and services improve the delivery of high-value care by aligning cost, quality and market performance. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at www.vizientinc.com.