Summary
President Donald Trump aims to lower prescription drug prices in the U.S. by working with pharmaceutical companies and encouraging cheaper versions of drugs, like biosimilars. Biologics are complex drugs made from living organisms, accounting for a significant part of drug spending. The Trump administration hopes that increasing access to biosimilars will make these medications more affordable.
Key Facts
- President Trump is focusing on lowering prescription drug prices.
- Biologics are drugs made through biological processes from living things.
- Although biologics are only 5% of prescriptions, they make up over half of U.S. drug spending.
- Biosimilars are almost identical to biologics and are cheaper versions made after the original drug's patent ends.
- The FDA requires biosimilars to be highly similar to the original biologics with no significant clinical differences.
- FDA approval for biosimilars can take five to six years.
- Biologics and biosimilars can cost patients between $10,000 to $30,000 annually.
- Increasing biosimilar availability may lower biologic drug prices through market competition.
