WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced two bills to lower prescription drug costs and increase access to life-saving medications for Wisconsin families. The Lower Drug Costs for Families Act would punish big drug companies for raising prescription drug prices faster than the rate of inflation and the Ensuring Timely Access to Generics Act would tackle sky-high prescription drug costs by increasing competition for generic drugs.
“We cannot continue to allow big drug companies to get away with jacking up prescription drug prices while Wisconsinites are being forced to forgo their life-saving medications because they simply cannot afford it,” said Senator Baldwin. “I’m proud to join my Democratic and Republican colleagues in holding big pharmaceutical companies accountable for their predatory pricing that’s putting the health of patients in jeopardy and helping lower the cost of prescription drugs so Wisconsinites can get the medications they need to survive at an affordable price.”
The Lower Drug Costs for Families Act builds on the Inflation Reduction Act’s work to lower health costs for seniors with Medicare by ensuring that all Wisconsinites are protected from exorbitant increases in prescription drug prices—including private health insurance and employer-sponsored health plans. Under current law, the federal government can only limit drug price increases faster than the rate of inflation for drugs purchased and used by people with Medicare. This legislation would require drug companies to pay a penalty for increasing prices faster than the rate of inflation for patients with private health insurance and Medicare and returning the collected fines directly into the Medicare Trust Fund. This legislation would extend Medicare solvency and save the government $34 billion over ten years.
The legislation was led by U.S. Senators Catherine Cortez Masto (D-NV) and Amy Klobuchar (D-MN), and cosponsored by Senators Jack Reed (D-RI), Sherrod Brown (D-OH), Debbie Stabenow (D-MI), Tina Smith (D-MN), Peter Welch (D-VT), and Richard Blumenthal (D-CT).
The Ensuring Timely Access to Generics Act would work to increase competition from generic drugs through better oversight of the Food and Drug Administration’s (FDA) citizen petition process. The citizen petition process allows interested stakeholders, including drug companies, to bring concerns to the FDA’s attention regarding pending applications. Currently, the process is being exploited by bad actors who fill citizen petitions in order to delay the approval of generic competitors and extend their patent protections. This legislation ensures the FDA has the ability to reject citizen petitions if they believe that the primary purpose of the petition is to delay the approval of an application, thereby increasing competition in the marketplace and lowering costs for patients.
The legislation was led by U.S. Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME), and cosponsored by Senators Michael Bennet (D-CO), Marco Rubio (R-FL), and Mike Braun (R-IN).
Senator Baldwin has been a fierce champion in holding big drug companies accountable and expanding access to affordable health care for Wisconsinites by passing legislation to allow Medicare to negotiate lower drug prices and cap the cost of insulin at $35-a-month for Medicare recipients. Recently, Senator Baldwin introduced bipartisan legislation requiring pharmaceutical companies to be transparent with their customers and explain to the public why they are raising drug prices on working families.
An online version of this release is available here.
