AMCP Statement on the Passage of the Inflation Reduction Act

Alexandria, VA., Aug. 12, 2022 — The US House of Representatives today passed H.R. 5376, the Inflation Reduction Act of 2022, which includes sweeping provisions related to biologic health care products and an extension of the Affordable Care Act health care insurance subsidy, among other items. The Academy of Managed Care Pharmacy (AMCP) supports the provisions in this bill that will enhance competition in the biosimilar marketplace, sparking innovation and improving affordability for patients across America. By increasing the reimbursement rate for biosimilars under Medicare Part B, the bill will also help expand coverage of these treatments for patients covered under public plans. President Biden is expected to sign the bill into law in the coming days. 

“We are encouraged by Congress’ focus on biosimilars’ potential and appreciate the progress made today with passage of the Act,” said AMCP CEO Susan Cantrell, RPh, CAE. “Provisions in this bill will help improve patient access to biosimilar products, lower costs, and enhance treatment outcomes for decades to come. With biosimilars playing an increasingly important role in health care, AMCP established the Biologics and Biosimilars Collective Intelligence Consortium (BBCIC) in 2015 to conduct research that will better inform clinical decisions and discussions around the use of biologics and biosimilars with real-world evidence. BBCIC’s work will continue to inform our membership and approach to these issues and contribute to the ongoing dialogue in this space.”  

“With inflation and economic headwinds challenging so many Americans, this bill rightly expands the health care subsidy provided by the Affordable Care Act to help millions of patients purchase insurance to meet their health care needs,” said Jennifer Mathieu, Vice President, Policy and Government Relations at AMCP.  “While this legislation includes significant advancements, there is still more work to be done to fully realize the true potential of these provisions and other measures that increase patient access to affordable medicines. AMCP will continue its advocacy to support legislation benefiting patients like the PIE Act and others that help meet these goals and ensure the wise use of health care dollars.” 

About AMCP        

AMCP is the professional association leading the way to help patients get the medications they need at a cost they can afford. AMCP’s diverse membership of pharmacists, physicians, nurses, biopharmaceutical professionals, and other stakeholders leverage their specialized expertise in clinical evidence and economics to optimize medication benefit design and population health management and help patients access cost-effective and safe medications and other drug therapies. AMCP members improve the lives of nearly 300 million Americans served by private and public health plans, pharmacy benefit management firms, and emerging care models. Visit www.amcp.org.