Nanette Diaz Barragán Intros Bill to Lower Prescription Drug Prices
Congresswoman Nanette Diaz Barragán (D-CA) introduced legislation last week that she says will lower the high cost of prescription drugs for consumers. The Fair and Immediate Release for Generic Drugs Act would allow generic drug manufacturers to come into the market sooner, which she said would increase competition and reduce prices for patients. “For years, the skyrocketing cost of lifesaving prescription drugs have forced millions of Americans into debt,” said Barragán. “By allowing a third competing product to enter the market, we can increase competition and keep drug prices low for consumers.” The FAIR Generics Act is a common-sense solution that will help drive down the soaring cost of prescription drugs and ensure all Americans have access to affordable medication.” High prescription drug prices have become a major concern among older voters. Last May, with great fanfare, the president announced his broad blueprint to lower prescription drug prices. But it’s been business as usual for drugmakers, with far more price hikes than cuts. Brand-name prescription drug prices have doubled between 2008 and 2016 and retail prices for many commonly-used brand name drugs by older adults soared an average of 8.4% in 2017, according to the AARP. And the AARP says the average retail price of a prescription drug for a chronic condition has reached $13,000 a year. Medicare drug spending -- which accounts for 29% of the nation’s prescription drug spending -- has grown by roughly 9.5% a year since 2009. Barragán pointed out that abuse of the drug approval process by drug manufacturers has been one of the driving forces behind the rapidly rising cost of prescription drugs over the last decade. “This legislation will prevent barriers for market competition and ensure generic products can come to market, lowering prescription drug prices for consumers,” she said. More here.