Bill > HR2815

This bill, the Bolstering Innovative Options to Save Immediately on Medicines Act (BIOSIM Act), aims to amend the Social Security Act to provide a temporary increase in Medicare Part B payment for certain biosimilar biological products. The key provisions of the bill are: 1. It would increase the Medicare Part B payment amount for qualifying biosimilar biological products from 6% to 8% of the average sales price or wholesale acquisition cost of the reference biological product. This temporary payment increase would apply for a 5-year period, starting either on January 1, 2022, or the first day of the calendar quarter when the product's payment under this provision first began, whichever is later. 2. To qualify for the temporary payment increase, a biosimilar biological product must have an average sales price or wholesale acquisition cost that is not more than the average sales price or wholesale acquisition cost of the reference biological product. The goal of this bill is to encourage the development and use of biosimilar biological products by providing a higher Medicare reimbursement rate for a limited time, which could help increase access and affordability of these treatments.

Business and Industry, Health and Social Services, Labor and Employment

https://www.congress.gov/bill/117th-congress/house-bill/2815/all-info