Ro Khanna’s Plan to Lower Drug Prices
One in five American adults cannot afford to get the prescription medication they need. Congressman Ro Khanna (D-CA) and Senator Bernie Sanders (I-VT) are aiming to fight high drug prices and last week announced they will introduce the Prescription Drug Price Relief Act at the start of the 116th Congress. They say the measure would significantly reduce prescription drug prices. The legislation would require the Secretary of Health and Human Services to make sure that Americans don’t pay more for prescription drugs than the median price in five major countries: Canada, the United Kingdom, France, Germany, and Japan. If pharmaceutical manufacturers refuse to lower drug prices below that level, the federal government would approve cheaper generic versions of those drugs, regardless of any patents or market exclusivities in place. The bill would help the median price of brand-name prescription drugs to go down by 40% or more they say. “There is absolutely no reason for the big pharmaceutical companies to make Americans pay higher prescription drug prices than they charge our friends in Canada, Germany, and the UK. Today we’re sending big pharma a message: market exclusivity is a privilege, and when you abuse that by price gouging the sick and aging, then you lose that privilege,” Khanna said. “This bill will bring down drug prices by taking on monopolies and boosting prescription drug competition.” More here.