Rep. Meadows Introduces Bill to Lower Prescription Drug Prices
Washington, D.C. – This week, Rep. Mark Meadows (R-NC) introduced H.R. 3947, the Competition Prescription Act—a bill aimed at lowering prescription drug prices.
H.R. 3947 removes delays in introducing generic drugs to the market and expands patients access to those low-cost alternative drugs. By introducing more generic drugs to the market faster and increasing access to them, the free market will encourage competition between generic and brand-name drugs, ultimately lowering the cost of prescriptions patients pay at the pharmacy counter.
The bill also changes a distortive practice in Medicare Part B that incentivizes physicians to use higher-priced brand-name drugs instead of low-cost alternatives. It repeals provisions that limit the amount Medicaid rebates can help offset prescription drug costs, and it creates protection from antitrust for private health insurers to jointly negotiate with drug manufacturers to bring costs even lower. Finally, it establishes the position of the Chief Pharmaceutical Negotiator to address the challenge of foreign competitors who unjustly profit off of America's leading pharmaceutical development.
Rep. Meadows released the following statement on the bill:
“Communities in North Carolina and across America are undoubtedly suffering from high prescription drug prices. With this in mind, we have to take action to lower the out-of-pocket costs of prescription drugs and ensure that those in need of life-saving prescriptions have access to them. The Competition Prescription Act takes an all-the-above approach to address soaring prescription drug prices by fostering competition, reforming outdated policies that harm consumers, and putting a stop to foreign nations free-loading off American pharmaceutical innovation.”
To read more about the bill, click here.
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