U.S. Senate HELP Committee Should Advance Legislation to Boost Competition and Increase List Price Transparency
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement today ahead of an executive session in the U.S. Senate Committee on Health, Education, Labor and Pensions (HELP), where lawmakers are expected to vote on several bipartisan solutions that will help hold Big Pharma accountable.
“Members of the Senate HELP Committee have an opportunity to advance bipartisan, market-based solutions that will help crack down on Big Pharma’s anti-competitive tactics and egregious pricing practices by boosting competition and transparency in the prescription drug market,” said CSRxP executive director Lauren Aronson. “These solutions, which have significant support from both sides of the aisle, would help lower drug prices by bringing more affordable alternatives to market more quickly and shining a light on Big Pharma’s most egregious price-gouging.”
“Big Pharma is responsible for setting and increasing prices on their products,” Aronson added. “We encourage members of the committee to advance these solutions that will help hold brand name drug makers accountable for out-of-control prices.”
During Thursday’s executive session, lawmakers are expected to consider the following solutions supported by CSRxP:
The Ensuring Timely Access to Generics Act of 2023, introduced by Senators Michael Bennett (D-CO), Jeanne Shaheen (D-NH) and Susan Collins (R-ME), would help increase competition for generic drugs through improved oversight of the Food and Drug Administration’s (FDA) citizen petition process.
The Retaining Access and Restoring Exclusivity (RARE) Act, introduced by Senators Tammy Baldwin (D-WI) and Bill Cassidy (R-LA), would amend the FDA’s orphan drug approval process to limit abuses by Big Pharma.
The Increasing Transparency in Generic Drug Applications Act, introduced by Senators Maggie Hassan (D-NH) and Rand Paul (R-KY) will help streamline the approval process for generic drugs, which will help get more generics into the market quicker and lower prescription drug prices for patients.
The Fair Accountability and Innovative Research (FAIR) Drug Pricing Act, introduced by Senators Tammy Baldwin (D-WI) and Mike Braun (R-IN) would increase transparency from brand name drug manufacturers by requiring them to submit transparency and justification reports on prescription drug price increases above a certain threshold.
Read CSRxP’s letter to the Senate HELP Committee on the markup of this legislation HERE.
Learn more about how list price transparency can help lower drug prices and hold Big Pharma accountable HERE.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.