To amend the Internal Revenue Code of 1986 to establish the generic drugs and biosimilars production credit, and for other purposes.

Bill 119 HR 1396, also known as the Generic Drugs and Biosimilars Production Credit Act, aims to make changes to the Internal Revenue Code of 1986 in order to create a tax credit for companies that produce generic drugs and biosimilars.

The bill proposes to provide a tax credit to eligible manufacturers who produce generic drugs and biosimilars, which are lower-cost alternatives to brand-name medications. This tax credit is intended to incentivize the production of these types of medications, which can help lower healthcare costs for consumers.

In addition to the tax credit, the bill also includes provisions for the establishment of a regulatory pathway for the approval of biosimilars, which are biologic medications that are highly similar to existing biologic drugs. This pathway aims to streamline the approval process for biosimilars, making it easier for manufacturers to bring these medications to market. Overall, the Generic Drugs and Biosimilars Production Credit Act seeks to promote the production of generic drugs and biosimilars, which can help increase competition in the pharmaceutical industry and ultimately lead to lower drug prices for consumers.