Sarbanes Provisions to Help Lower Prescription Drug Prices Pass U.S. Congress
WASHINGTON, D.C. – Today, the U.S. Congress passed core components of the Biosimilars Competition Act of 2018, a bipartisan bill authored by Congressman John Sarbanes (D-Md.) to help lower prescription drug prices. The bill will require manufacturers of biologic and biosimilar drugs to report agreements that keep lower-cost drugs off the market. These so-called “pay-for-delay” deals – often made in secret – provide millions of dollars to big pharmaceutical companies while forcing American patients and consumers to pay more for lifesaving prescription drugs.
“Every American should have access to affordable prescription drugs,” said Congressman Sarbanes. “This bill gets us one step closer to that goal by cracking down on insider deals that help big pharmaceutical companies cash in at the expense of hardworking Americans.”
According to an unofficial score by the Congressional Budget Office, the Biosimilars Competition Act of 2018 will save about $100 million from 2019 to 2028. These savings will help pay for two additional bills – (S. 2554, the Patient Right to Know Drug Prices Act and S. 2553, a bill to prohibit pharmacy gag clauses) – that will provide consumers with more information and access to lower-cost generic drugs.
Sarbanes continued: “The Biosimilars Competition Act will not only help bring lower-cost biosimilar drugs to market more quickly, but also help pay for two other fixes that will end pharmacy gag clauses and increase Americans’ access to affordable generic drugs.”
Congressman Sarbanes recently discussed the merits of the Biosimilars Competition Act of 2018 during a speech on the floor of the U.S. House of Representatives.
For more information about the Biosimilars Competition Act of 2018, see here.