WASHINGTON – Today, Sen. Chuck Grassley (R-Iowa), a senior member of the Senate Judiciary Committee, participated in a markup on five Grassley-led bills to boost competition in the pharmaceutical industry and improve access to more affordable prescription drugs. All five bills advanced in committee by voice vote.
“Iowans’ pocketbooks are already being squeezed by the highest inflation in 40 years. The last thing they should have to worry about is the steep price of life-saving medication. Reducing prescription drug costs is one of my highest priorities, and I’m encouraged by today’s progress. These bills will help bring transparency to prescription drug pricing and prevent abusive practices that are unfairly driving up drug costs,” Grassley said.
The Preserving Access to Affordable Generics and Biosimilars Act would limit anticompetitive “pay-for-delay deals” that prevent or delay the introduction of affordable follow-on or generic versions of branded pharmaceuticals. The legislation covers pay-for-delay deals affecting biosimilar and interchangeable biologics in addition to generic drugs.
The Stop STALLING Act would crack down on branded pharmaceutical companies that file sham petitions with the Federal Drug Administration in an effort to interfere with the regulatory approval of generics and biosimilars. The legislation would provide enhanced authority for the Federal Trade Commission (FTC) to take action against companies who file these petitions.
The Prescription Pricing for the People Act would require the FTC to examine the effects of consolidation on pricing and other potentially abusive behavior within the pharmacy benefit manager (PBM) industry, and provide policy recommendations to Congress to improve competition and protect consumers.
The Interagency Patent Coordination and Improvement Act would establish a task force between the United States Patent and Trademark Office (USPTO) and the FDA to improve communication and coordination in implementing each agency’s activities related to patents. Currently, there is limited collaboration between USPTO and FDA, despite both agencies playing a role related to patents and competition.
The Affordable Prescriptions for Patients Act would help lower drug prices by preventing bad actors from using patents to block generic and biosimilar competition from coming to market.
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.
Learn more about Grassley’s work to lower prescription drug prices
HERE.
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