; or (bb) removed from such list in accordance with subparagraph (C) of such section 505(j)(7); (II) be subject only to requirements applicable to biological products licensed under section 351 of the Public Health Service Act ( 42 U.S.C. 262 ); and (III) be deemed to be a reference product under such section 351 on the date on which the last application described in clause (i) that references such drug is no longer pending review (or tentatively approved) under section 505 of the Federal Food, Drug, and Cosmetic Act ( 21 U.S.C. 355 ). . (b) Certain insulin products deemed interchangeable biosimilars Section 7002(e)(4) of the Biologics Price Competition and Innovation Act of 2009 ( Public Law 111–148 ) is amended by adding at the end the following: (C) Certain insulin products deemed interchangeable biosimilars (i) In general In carrying out subparagraph (A), a covered insulin product shall be deemed to be an interchangeable biosimilar biological product licensed under section 351(k) of the Public Health Service Act. (ii) Definitions In this subparagraph: (I) The terms biosimilar and interchangeable have the meaning given such terms in section 351(i) of the Public Health Service Act. (II) The term covered insulin product means a biological product (including a chemically synthesized polypeptide) that is— (aa) an insulin product; and (bb) approved under section 505 of the Federal Food, Drug, and Cosmetic Act pursuant to an application submitted under subsection (b)(2) of such section. .