Ensuring Access to Lower-Cost Medicines for Seniors Act of 2023

This bill requires Medicare Part D drug plans (which cover seniors' prescription drugs) to include all cheaper generic drugs and at least two cheaper biosimilars in a "preferred" formulary position starting in 2024. Specifically, plans must list these lower-cost options on a tier with lower patient costs than the original brand-name drug, and cannot impose stricter access rules (like prior authorization) on them compared to the brand-name drug. It directly affects Medicare Part D sponsors and seniors enrolled in these plans by mandating more affordable drug options. The key change is requiring formulary placement and cost-sharing for specific lower-cost generics and biosimilars, without restricting patient access to them relative to brand-name alternatives.