Tina Smith introduces legislation to lower prescription drug costs, added to “must pass” federal bill
ROCHESTER, Minn. (KTTC) – Tuesday, Senator Tina Smith’s legislation titled the “Expanding Access to Low Cost Generic Drugs Act” was added to a “must pass” package by the U.S. Health Committee.
The bill cracks down on an anti-competitive tactic called “parking.” That’s when companies offer much less expensive alternative to name-brand drugs, but giant drug companies pay money to keep those generics off the market.
This tactic contributes to the high costs of prescription drugs.
Senator Smith says the legislation is a long time coming.
“This is what I’ve heard from Minnesotans everywhere that they struggle to pay for the prescription medicine. I’ve talked with many Minnesotans who admit that they don’t always take all the medicine that’s been prescribed to them because they can’t afford it. So to be able to take a step to help to make medicine more affordable feels like it’s something that Minnesotans have been talking about with me for a long time,” she said.
The act is the first piece of legislation Senator Smith authored in the U.S. Senate back in 2018.
She expects the act will be passed by the Senate and House and then signed into law by President Joe Biden within the next few months.
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