The Biosimilar Red Tape Elimination Act aims to significantly simplify the process for biological products to be considered interchangeable with their reference products. It amends the Public Health Service Act to establish that a biological product licensed as biosimilar will generally be deemed to be interchangeable with its reference product, removing the requirement for a separate determination. This change is intended to streamline market entry for biosimilars. The bill specifies the timing for this deemed interchangeability, differentiating between products licensed before and after a transition date , which is 60 days after the Act's enactment. For most products, interchangeability will occur upon licensure or the transition date. However, it includes provisions to preserve any existing first interchangeable exclusivity periods for other biological products that relied on the same reference product, delaying deemed interchangeability until such exclusivity expires. Furthermore, the legislation includes several conforming amendments across related statutes to align with the new framework, removing outdated references to separate interchangeability standards. It also mandates that the Secretary of Health and Human Services update existing guidance and issue new guidance within 18 months to reflect these changes, specifically requiring the revision or revocation of previous guidance documents on demonstrating interchangeability.