WASHINGTON, D.C. (July 18, 2018) – The Pharmaceutical Research and Manufacturers of America (PhRMA) issued the following statement upon release of the U.S. Food and Drug Administration’s Biosimilar Action Plan.
“We agree with the administration on the importance of fostering greater competition in the health care marketplace. As noted in today’s announcement of the Biosimilars Action Plan, biosimilars have a crucial role to play in delivering new options to patients and in constraining prescription drug cost growth. Recent studies project biosimilars could reduce spending on biologics between $25 billion to $150 billion over the next 10 years.
“While we are reviewing the proposals, we support science-based regulations that ensure patient safety and look forward to working with the administration and the U.S. Food and Drug Administration as additional guidance documents are issued.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested more than $600 billion in the search for new treatments and cures, including an estimated $65.5 billion in 2016 alone.