Last year, you may have read about Martin Shkreli, a hedge fund manager who bought a pharmaceutical company to then jack up the price of a lifesaving anti-parasitic drug overnight from $13 to $750 per tablet. That’s more than a 5,500% increase for those looking to do the math!
I’d like to tell you about a bipartisan bill I introduced a few months ago with one of my Republican colleagues from Florida, Rep. Gus Bilirakis, which increases competition in the pharmaceutical industry, and keeps drug prices down, preventing outrageous price hikes like Shkreli’s.
Our bill, called the Lower Drug Costs through Competition Act will speed up approval from the FDA on generic drugs. The bill will require action on applications to market generic drugs within six months of submission when there is no equivalent generic drug already available. It also creates incentives for pharmaceutical companies to develop more generics.
Both of these will improve access to generic drugs which will ensure that costs remain low and reasonable. This is especially important for patients whose lives depend on these drugs every day.
I wanted to share this with you because it’s a great example of how, even in this partisan atmosphere, Congress can reach across the aisle and work together to pass legislation that impacts all of our lives for the better.
As always, please don’t hesitate to contact my office with any opinions or issues you may be having with federal agencies.
Member of Congress