"Lowering the prices of prescription drugs has been high on United States President Donald Trump's agenda since he took office in January. He has taken a number of steps, including striking deals with pharmaceutical companies, to lower the costs of prescription drugs. Trump has also directed the Food and Drug Administration (FDA) to streamline its regulation process to boost cheaper copycat drugs, such as generic and biosimilar drugs."
"Biologics is short for biological medications or products. It's a broad category of products that include vaccines, blood and blood components, gene therapy and tissues. They are a class of complex drugs produced through biological processes or from living organisms, such as proteins and genes. They treat cancer, autoimmune diseases and other rare disorders."
President Trump prioritized lowering prescription drug prices and directed the FDA to streamline regulation to boost generic and biosimilar drugs. Biosimilars are highly similar versions of biologics, which are complex medications produced from living organisms and used to treat cancer, autoimmune diseases, diabetes and rare disorders. Insulin is an example of a widely used biologic. Biologics represent about 5 percent of prescriptions but account for more than half of US medicine expenditures, per IQVIA. FDA approval for biologics is rigorous and typically takes 10 to 15 years, and the administration hopes increased biosimilar access will reduce costs, though price reductions may be slow.
Read at www.aljazeera.com
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