CVS Caremark Reiterates Support for FDA Implementation of Approval Pathway for Biogeneric Drugs

Tuesday, November 2, 2010

Company comments on benefits of providing patients and payors with access to safe and effective biogeneric options that can reduce costs

WOONSOCKET, R.I., Nov. 2, 2010 /PRNewswire via COMTEX/ --

CVS Caremark reiterated the company's support that the U.S. Food and Drug Administration (FDA) implement regulations necessary to approve biogeneric drugs under the Affordable Care Act. The company's Senior Vice President of Specialty Pharmacy Operations, Scott Reid, testified before the FDA today during a public hearing to address the development of an approval pathway for biosimilar and interchangeable biological products held at the agency's headquarters in Silver Spring, Maryland.

 

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"Every day CVS Caremark supports patients who depend on specialty and other biotech drugs to provide critical treatment for their serious, chronic conditions, and we have long advocated for the creation of an FDA pathway for approval of biogeneric options," said Reid. "The availability of biogenerics will not only help health plans, employers and federal programs manage their drug spend, but, more importantly, it will help make these extremely expensive medicines more affordable for patients."

Reid's comments to the agency also touched on ensuring that pharmacovigilance programs for biosimilar and interchangeable products are consistent with programs for the innovator products and that additive burdens, that could inhibit patient access, are not imposed on pharmacies at the front lines of managing these programs. He also urged the FDA to work with the Centers of Medicare and Medicaid Services to establish a regulatory process that not only allows for interchangeability of biologics but also aligns reimbursement incentives for payers, patients and providers to choose a biogeneric.

About CVS Caremark

CVS Caremark is the largest pharmacy health care provider in the United States. Through our integrated offerings across the entire spectrum of pharmacy care, we are uniquely positioned to provide greater access, to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of more than 64,000 pharmacies, including approximately 7,100 CVS/pharmacy(R) stores that provide unparalleled service and capabilities. Our clinical expertise includes one of the industry's most comprehensive disease management programs. General information about CVS Caremark is available through the Company's Web site at http://info.cvscaremark.com.

Media Contact:

 

Jon Sandberg

 

CVS Caremark

 

401-770-4914

 

jsandberg@cvs.com

 
 

SOURCE CVS Caremark