The main purpose of the Biosimilar Red Tape Elimination Act is to simplify and improve the process for determining whether a biological product can be considered interchangeable with its reference product. This aims to make it easier for biosimilar products to enter the market, potentially increasing competition and lowering costs for patients. Key provisions of the Act include changes to how interchangeability is determined. It removes certain requirements that previously made it more difficult for biosimilars to gain interchangeable status.