In September 2021, the Department of Health and Human Service (HHS) released its plan to lower drug prices. Unfortunately, for consumers and patients, the report contained grim statistics that highlighted the cost of drugs in this country and the medical insecurity these prices impose. HHS estimates that each year, “Americans spend more than $1,500 per […]
Today, the American Consumer Institute (ACI) send a letter to the Senate and House Leadership highlighting keys ways for Congress to lower drug prices for patients. Among ACI’s suggestions were the streamlining of regulations that impede market entry for generic and biosimilar drugs. In addition to increasing price competition, the letter recommends requiring Pharmacy Benefit […]
The list price of prescription drugs has already risen this year an average of 4.5%, with most of the increases coming from drugs that do not have a generic alternative. These price increases impose a greater burden on the 25% of Americans who already struggle to afford their medicines. The Kaiser Family Foundation found in […]
Biosimilars are the grand experiment. If the biosimilar experiment succeeds, competition will lead to lower prices and increase access for patients. However, if biosimilar competition does not advance the result may be price controls. This could decrease the incentive to innovate and lead to fewer new drugs being developed. Biologics are among the highest priced […]
Today, forty-five organizations sent a letter to the US Senate calling for an end to the anticompetitive abuses that block competitive market entry by generic drug makers, which work to keep drug prices higher. A copy of the letter is available here.
Today, a coalition of organizations sent a letter to Maryland Governor Hogan objecting to a bill that gives the State’s Attorney General additional authority over competitive generic drug pricing — drugs that are typically 80% lower than their name brand counterparts. The letter is signed by American Consumer Institute, Consumer Action for a Strong Economy, FreedomWorks, Frontiers of Freedom, Independent Women’s […]
About thirty years ago, generic (unbranded) drugs were first approved by the Federal Drug Administration (FDA) for use by patients. These drugs provided competitive alternatives to more expensive name branded pharmaceuticals, and this competition saved consumers $1.68 trillion (not billion) over the last decade, according to the FDA’s Deputy Commissioner. Lower prices from these alternatives […]
This article, written by ACI president Steve Pociask, discusses the benefits of biosimilar dugs. These drugs are generic-like versions of lifesaving brand named biopharmaceutical drugs, called biologics. Europe has had biosimilar competition since 2006, but the U.S. has yet to approve a single biosimilar drug for U.S. patients. The article calls on the FDA to accelerate its rulemaking and write […]
Drugs that compete with brand-name drugs are usually called “generics.” Off-brand products that compete with an especially complex category of drugs called “biologics,” however, are called “biosimilars.” Whereas generics are chemically identical to brand-name drugs, the FDA defines a biosimilar as having a new active ingredient while being highly similar to the reference product and […]
Professor Joseph Fuhr Jr., ACI Senior Fellow and professor of Economics at Widener University, will be speaking on the challenges, lessons and opportunities in the marketing of biosimilars in the U.S. at the BioNJ Breakfast Salon in Bridgewater, NJ on June 2, 2011.