Denver — Colorado U.S. Senator Michael Bennet joined U.S. Senators Jeanne Shaheen (D-N.H.) and Susan Collins (R-Maine) to reintroduce the Ensuring Timely Access to Generics Act to help lower the cost of prescription drugs. The legislation would increase competition for generic drugs and lower costs for Americans through improved Food and Drug Administration (FDA) oversight.
“The Inflation Reduction Act was an important first step to lower prescription drug costs for seniors, but lifesaving medicine remains unaffordable for far too many Americans,” said Bennet. “This bill will increase competition and improve options for patients – another crucial step to make high-quality health care more accessible for every American.”
“Sky-rocketing prescription costs is one of the biggest concerns I hear from Granite Staters. That’s why I am renewing my bipartisan push to lower prescription drug prices for New Hampshire families by ensuring competition and bringing more generic drugs to the market,” said Shaheen. “There is a strong bipartisan desire to find common ground on cutting these soaring costs, so I appreciate Senators Collins, Bennet, Rubio, Baldwin and Braun’s support on this legislation that I believe could help Congress make progress toward that goal.”’
“We know that increasing generic drug competition is key to lowering prescription drug prices for individuals and reducing drug spending overall. On average, generic drugs cost 80 to 85 percent less than their brand-name equivalents,” said Collins. “The bipartisan Ensuring Access to Generics Act would help address barriers that currently delay market entry for generic drugs. If enacted, this bipartisan bill will improve competition and save patients money.”
The Ensuring Timely Access to Generics Act would help increase generic drug competition through better oversight of the FDA’s 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 exploited by bad actors who file citizen petitions to delay the approval of generic competitors and extend their patent protections. This legislation ensures the FDA can 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.
In addition to Bennet, Shaheen, and Collins, this legislation is cosponsored by U.S. Senators Marco Rubio (R-Fla.), Tammy Baldwin (D-Wis.) and Mike Braun (R-Ind.).
The text of the bill is available HERE.