This bill requires Medicare Part D prescription drug plans to include cheaper generic drugs and biosimilar medications on their formularies, starting in 2024. Specifically, plans must place generic drugs that cost less than their brand-name equivalents in preferred positions with lower patient copayments, and must include at least two biosimilar products that are cheaper than their reference biological products. The legislation also prohibits drug plans from using restrictive access requirements like prior authorization or step therapy on these lower-cost drugs in ways that are more restrictive than what applies to the brand-name versions. The bill affects seniors enrolled in Medicare Part D and the insurance companies that administer these drug plans. No new funding is authorized by the legislation; instead, it modifies existing Medicare rules to steer beneficiaries toward more affordable medication options.
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