BIOSIM Act
Latest action (20 Sep 2019): Introduced
What this bill does
The BIOSIM Act, if passed, would temporarily increase Medicare payments for certain biosimilar drugs. Specifically, it would adjust how Medicare calculates payments for these drugs under Part B. This change would allow for an 8% payment multiplier instead of the usual 6% for a period of five years for eligible biosimilars.
This bill affects Medicare beneficiaries and healthcare providers who use or administer qualifying biosimilar biological products. A biosimilar is considered "qualifying" if its average sales price or wholesale acquisition cost is no more than that of the reference biological product it is designed to be similar to. The applicable five-year period for the increased payment would begin either in early 2020 for existing biosimilars or on the date a new biosimilar first receives Medicare payment, up until the end of 2024.
As of the 116th Congress, this bill was introduced in the House of Representatives on September 20, 2019, and referred to committees. No further actions have been recorded. If the bill moves forward, it would need to pass both the House and the Senate before being sent to the President for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Bolstering Innovative Options to Save Immediately on Medicines Act or the BIOSIM Act
This bill increases Medicare payments for biosimilars for five years. The bill applies to biosimilars for which the average sales price or wholesale acquisition cost is less than that of the reference biological product, as specified.
Common questions
- What does H.R. 4455 do?
- The BIOSIM Act, if passed, would temporarily increase Medicare payments for certain biosimilar drugs. Specifically, it would adjust how Medicare calculates payments for these drugs under Part B. This change would allow for an 8% payment multiplier instead of the usual 6% for a period of five years for eligible biosimilars. This bill affects Medicare beneficiaries and healthcare providers who use or administer qualifying biosimilar biological products. A biosimilar is considered "qualifying" if its average sales price or wholesale acquisition cost is no more than that of the reference biological product it is designed to be similar to. The applicable five-year period for the increased payment would begin either in early 2020 for existing biosimilars or on the date a new biosimilar first receives Medicare payment, up until the end of 2024. As of the 116th Congress, this bill was introduced in the House of Representatives on September 20, 2019, and referred to committees. No further actions have been recorded. If the bill moves forward, it would need to pass both the House and the Senate before being sent to the President for consideration.
- Has H.R. 4455 become law?
- Not yet. As of 20 Sep 2019, H.R. 4455 is introduced.
- Who sponsored H.R. 4455?
- H.R. 4455 was sponsored by Rep. Kurt Schrader [D-OR5, 2009-2022] (Democrat-OR), with 1 cosponsor.
- What's the latest action on H.R. 4455?
- Introduced (20 Sep 2019).
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