Increasing Access to Biosimilars Act of 2023

S 3934, the Increasing Access to Biosimilars Act of 2023, establishes a 3-year Medicare demonstration project to test how shared savings payments for biosimilar drugs could lower costs. The bill directly affects Medicare beneficiaries (older adults and disabled individuals) and healthcare providers who prescribe or dispense biosimilar biological products under Medicare Part B. Key provisions include adding extra payments to providers when biosimilar drugs cost less than reference drugs (without increasing patient cost-sharing), requiring a cost-savings certification from Medicare’s chief actuary, and extending payment eligibility for biosimilars through 2032. This aims to incentivize wider use of lower-cost biosimilars while maintaining current Medicare beneficiary cost structures.