Expanding Seniors' Access to Lower Cost Medicines Act of 2023

This bill allows Medicare Part D plans to adjust drug formularies mid-year to lower costs for seniors using biologic medications. Specifically, it permits plans to change the cost-sharing tier for a reference biologic drug (the original brand) if the plan simultaneously adds a biosimilar version (a similar, lower-cost alternative) at the same or better tier. This change can occur after the first 60 days of a plan year, starting in 2025, giving plans flexibility to offer cheaper options without delaying access. The policy directly affects seniors enrolled in Medicare Part D plans who use biologic drugs, aiming to reduce their out-of-pocket costs through earlier access to biosimilars.