WASHINGTON – Sen. Chuck Grassley (R-Iowa) joined three Senate colleagues to reintroduce the Short on Competition Act to increase competition in the pharmaceutical industry and lower prices for consumers. The legislation is led by Sens. Amy Klobuchar (D-Minn.) and Mike Lee (R-Utah) and sponsored by Sen. Dick Durbin (D-Ill.). Grassley is the current chairman of the Senate Judiciary Committee and the former chairman and a senior member of the Senate Finance Committee.
The bipartisan legislation would allow the Secretary of Health and Human Services to grant expedited reviews and inspections, as well as temporary importation, when there is a prescription drug shortage or if there is likely to be a shortage. The secretary can also take these actions when there are fewer than five competitors in a market for prescription drugs that have been approved for at least 10 years.
“Iowans are fed up with the high price of prescription drugs, and a driver of those costs is lack of competition. Time and again, we see that limited options in the marketplace lead to higher prices for patients. Our bill will bring more options to the market, giving consumers relief through alternatives to a single high-priced drug,” Grassley said.
“If drug companies know new competitors can quickly enter the market, maybe they’ll think twice before raising prices in the first place. More competition in the marketplace will lead to more affordable prescription drugs for American consumers,” Klobuchar said. “This bipartisan legislation will help lower drug prices by prioritizing approvals and safely allowing temporary drug importation of products to address markets that lack competition.”
“Big Pharma monopolies are keeping lifesaving drugs out of reach for too many Americans,” Lee said. “Cutting red tape for manufacturers will allow new competitors into the health care market – bringing drug prices down and quality up. The Short on Competition Act will give Americans more options for the medicine they need, protecting them from drug shortages and lowering their costs.”
“American families should be able to afford life-saving medication. However, many medications, despite having been on the market for decades, are unaffordable. It is time that Big Pharma is held accountable for its abusive price gouging tactics,” Durbin said. “I am joining my colleagues in reintroducing the bipartisan Short on Competition Act to combat Big Pharma’s price gouging and lower prescription drug costs for Americans. Drug costs are a problem; this bill is a solution.”
Background:
Grassley has long championed efforts to reduce the cost of prescription drugs. Three pieces of legislation authored and coauthored by Grassley have been signed into law to combat anticompetitive practices and stop drug makers from reaping profits at the expense of taxpayers and consumers. Grassley has also led in-depth congressional investigations to expose those responsible for prescription drug price gouging.
Other actions include:
Learn more about Grassley’s persistent efforts to lower prescription drug costs HERE.
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