Saving Money on Biologic Medicines
By State Representative Tila Hubrecht, 151st District
In recent years, biologic medicines have been at the cutting edge of research in the biomedical field. Advances in the field are helping us to find new treatments and, in some cases, cures for chronic conditions like rheumatoid arthritis, multiple sclerosis, and even cancer. These medicines have a complex molecular structure grown from living cells and are becoming more commonly used every day. I have worked with Representative Sheila Solon to pass House Bills 1366 & 1878 in an effort to make tools like this more available for our medical professionals to use in treatment of these serious conditions. One Democrat on the House floor described the bill as a unicorn bill, one of the mythical few that everyone can get behind.
Up to this point, biologics have not been able to be substituted with an interchangeable biosimilar medicine in Missouri. Biosimilar medicines have a molecular structure similar to biologics with the same intended goal but are not exactly the same as the original biologic. Like generic substitutions for prescription pills, biosimilar medicines would save patients money while still getting them quality medications they need. The Missouri Pharmacy Practice Act is being updated to ensure that prescribers and pharmacists work together to guarantee accurate patient records and the highest quality of care. Biosimilar medicines open up new treatment possibilities for patients which may have otherwise been unavailable.
Once the FDA has established a biosimilar product as a safe alternative, the reduction in costs for patients across the country is in the billions. The Rand Corporation projects a reduction of $44.2 billion in spending on brand name biologics between 2014 and 2024. More locally in Missouri, the passage of House Bills 1366 & 1878 is conservatively estimated to save taxpayers $5.5 million in FY2018, $12.1 million in FY2019 and even more in the future.
Biologic medicines are one of the great recent innovations in the medical field. With the legislation passed from the Missouri House, our state has laid the groundwork for improvements in medicine as they come in the future. The stakeholders of these medications worked for the past three years to find language that would enable the pharmaceutical companies, pharmacists, insurance groups, physicians and most importantly the patient groups to come together and remove the barriers to life-saving medications facing many chronically and critically ill patients. Missouri is leading the way on giving taxpayers affordable, high quality medicine and we are proud of it.