Welch Introduces generic pharmaceutical that could save $2.35 billion

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Welch Introduces generic pharmaceutical that could save $2.35 billion

Fri, 04/07/2017 - 1:01pm -- tim

Vermont Business Magazine Representative Peter Welch (D-VT) and Representative David McKinley (R-WV) this week introduced the Fair Access for Safe and Timely (FAST) Generics Act. The legislation would thwart manipulation of the Food and Drug Administration’s (FDA) drug safety regulations in order to block the production of generic alternatives to brand name medicines. This would increase consumer access to generic drugs, boost market competition, and ultimately save American consumers money.

“Generic prescription drugs are very often a cost-effective alternative to brand name drugs. Patients, in consultation with their physician, should have a choice where possible,” said Welch. “Our legislation will save consumers billions of dollars by ensuring timely competition in the market and preventing unfair delays for patients seeking more affordable options for their medications.”

“The high cost of brand name drugs should never force patients to make painful financial decisions. Medicine must be affordable to those who need it most,” said McKinley. “Our bipartisan bill will allow more people to access generic alternatives by providing competition in the marketplace and removing unnecessary bureaucratic delays from the federal government,” McKinley said.

Currently, there are companies that abuse Food and Drug Administration (FDA) drug safety programs by withholding access to drug samples for generic manufacturers, resulting in anticompetitive practices and increased pharmaceutical costs.

Specifically, the FAST Generics Act includes common-sense reforms to close these loopholes and address the most common abuses of Risk Evaluation and Mitigation Strategy (REMS) and non-REMS restricted access programs. These reforms provide a reasonable window for negotiations between manufacturers; limit the extent to which companies can delay competition; and minimize the burden on FDA, which has spent hundreds of hours adjudicating disputes between companies. In the last Congress, the bill received an informal Congressional Budget Office score, which estimated it would save taxpayers $2.35 billion.

Source: WASHINGTON—Representative Peter Welch 4.7.2017