Seniors could soon be expecting lower medicine costs thanks to Congress

08 December 2023- Today, the Expanding Seniors’ Access to Lower Cost Medicines Act, introduced by Congressman John Joyce, M.D. (PA-13), passed out of the House Energy and Commerce Committee, and will now go to the floor of the House for a vote.

H.R.5372, the Expanding Seniors’ Access to Lower Cost Medicines Act of 2023, would expand access to new biosimilar medications for seniors using Medicare Part D plans by allowing midyear formulary adjustments to account for the approval of new lower cost medications.

“Making sure that seniors are able to afford their medications must continue to be one of our top priorities as we work to support patients,” said Congressman Joyce. “This legislation would make Medicare more efficient, and lower cost medications more accessible for the patients who are most in need. I’m grateful to Chair Rodgers, Representative Peters, and all of the members of the Energy and Commerce Committee for their unanimous support of this legislation.”

While Medicare Part D plans often cover an extensive range of medications, often new medications are approved for use between formulary adjustments. By allowing biosimilars inclusion through midyear formulary adjustments, this bill would drive down costs for seniors and help ensure Americans have access to the life-saving medications that they rely on each day.