Bilirakis-Led Push to Lower Cost of Rx Drugs Pays Off
Washington, DC: The Lower Costs Through Competition Act, authored by Congressman Gus Bilirakis and signed into law last year, is already proving effective in achieving its primary goal of lowering the price of prescription drugs. The new law created an expedited approval process for new generic drugs to compete with either brand name or generic drugs that have no current competition on the market. This important step forward will safely and quickly move life-saving drugs to the market and reduce cost for consumers.
“Too often we have seen the price of lifesaving medication skyrocket due to bad actors taking advantage of monopolies in the market. We witnessed it in 2015, when Turing Pharmaceuticals hiked the price of Daraprim, a drug to treat HIV patients. And, we saw it again with Mylan Pharmaceuticals raising the cost of the EpiPen by 400%. We cannot allow this to continue. Sick people should never be held hostage so a pharmaceutical company can increase its’ profits,” said Congressman Bilirakis.
This week, the FDA announced approval of the first medication under Bilirakis’s provision: several strengths of potassium chloride oral solution. This medication is used in some instances with patients who have or are at risk of developing low potassium blood levels, which can result in a grave medical condition.
“There is no question that the rising cost of prescription drugs has created a real hardship for most Americans, which is why I have taken an active role in trying to solve the problem. I am thrilled that my legislative efforts have resulted in this breakthrough! But I also recognize that this is only part of the solution, which is why I’m working through my role on the Health Subcommittee on other measures to reduce costs,” said Congressman Bilirakis.
Click here to learn more about how this new law will help reduce costs of prescription drugs for patients.