Sen. Rounds cosponsors bill to address rising prescription drug prices
WASHINGTON, D.C. — Sen. Mike Rounds announced today that he is cosponsoring a measure that would deter pharmaceutical companies from blocking cheaper generic drug alternatives from entering the marketplace.
Creating and Restoring Equal Access to Equivalent Samples (CREATES) Act is a bipartisan bill also sponsored by Senators Patrick Leahy (D-Vt.), Amy Klobuchar (D-Minn.), Chuck Grassley (R-Iowa) and Mike Lee (R-Utah).
“Prescription drug costs are too high and demand for prescription drugs continues to grow as the baby-boomer generation ages,” said Rounds. “The CREATES Act seeks to enhance competition in the prescription drug market by fast-tracking the approval process for generic drugs. I look forward to working with the administration and my colleagues in Congress to advance this bipartisan, common sense legislation.”
Generic drug manufacturers need large samples of brand-name drugs in order to conduct comparison research and become FDA approved, but brand-name companies often refuse to sell the needed samples.
The CREATES ACT would allow generic companies to sue brand-names if they don’t provide sufficient access to drug samples.
The Congressional Budget Office estimates that the CREATES Act would save consumers and private insurers billions of dollars, and would result in a net decrease of $3.9 billion in the federal deficit.