This bill allows Medicare prescription drug plans to make changes to their medication coverage lists during the year to add lower-cost biosimilar drugs, starting in 2025. Biosimilars are generic versions of complex biological medications that typically cost less than the original drugs they're based on. When a plan adds a biosimilar to its coverage, it can simultaneously change the cost-sharing or preferred status of the original expensive drug, making the cheaper alternative more attractive to seniors. The change requires plans to get approval from the Department of Health and Human Services, though they can implement the change if the department doesn't respond within 30 days. This legislation is designed to help Medicare beneficiaries access more affordable medication options without having to wait until the next plan year.
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