Press Release

ERIC Statement on Trump Administration Announcement to Accelerate Biosimilar Development and Lower Drug Costs

Issued by ERIC [ERISA Industry Committee]

Oct. 30, 2025

Washington, D.C.,  – The ERISA Industry Committee (ERIC) issued the following statement today regarding the Trump Administration’s announcement to make it faster and less costly to develop biosimilar medicines. The statement can be attributed to ERIC President and CEO, James Gelfand.

“There are few issues where agreement is louder than when you ask Americans whether policymakers ought to do more to lower the cost of prescription drugs. Today’s announcement updating the current study requirements for biosimilar approvals and rules on interchangeability is a huge step toward removing barriers that for too long have delayed and prevented competition to biosimilars. And importantly, the action responds to a call that ERIC’s large employer member companies have been making since 2020, when ERIC first launched a groundbreaking initiative to better understand the role that biosimilars could play in reducing health care costs. Through this work, ERIC found that biosimilars saved employers, employees, and their families significant amounts of money, with the potential for much greater savings. ERIC’s advocacy also served to support and drive federal legislation that would remove the interchangeability designation altogether, including the bipartisan Biosimilar Red Tape Elimination Act. The FDA’s determination to simplify biosimilarity studies and to make it easier for biosimilars to be developed as interchangeable with brand-name biologics is a victory for all consumers and can finally make much-needed affordability a reality.”

About The ERISA Industry Committee

ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.

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